Types of Economies
Supply & Demand
Factors of Production
Developing Nations
Misc.
100
What type of economy lets the consumers and producers answer the three basic questions?
What is a Market Economy
100
As price goes up what happens to the quantity demanded?
What is goes down
100
List the factors of production
Natural Resources, Human Resources, Capital Resources
100
exists when a country can produce a good or service at a lower cost than other countries.
What is absolute advantage?
100
The difference between wants and needs and available resources
What is Scarcity?
200
In a market economy who answers the "For Whom" question?
What is people who have the money and are able to purchase the good or service. (Consumers)
200
Amount of a product of service producers are willing to provide
What is supply
200
Provide 3 examples of land from the Frito Lay video
potatoes, soil, oil, water
200
exists when a country can produce a good or service with more efficiency than other countries
What is Comparative Advantage?
200
The value of the best option given up
What is Opportunity Cost?
300
What are the 3 basic questions all economies face?
What to produce, How to produce and For Whom to produce?
300
What happens when quantity supply exceeds quantity demanded? How do we fix this issue?
What is a surplus? Lower the Price
300
Infrastructure is considered what factor of production.
What is capital resources?
300
What are the 3 development factors of a nation
literacy level, technology, agricultural dependency
300
The study of how limited resources are used to satisfy unlimited wants and needs
What is Economics?
400
List one country that is considered to have a command economy
What is Cuba, North Korea
400
When supply and demand are equal.
What is market equilibrium/price?
400
What is the difference between GDP and GNP?
GDP: Dollar value of all goods and services produced within a country's borders in a year.


GNP: The value of all G&S produced by the means of production owned by a country's residents. (not necessarily within borders) 

400
The three levels of country development.
What is Less developed, Developing, Developed?
400
List 4 qualities of a market economy
What is private ownership, profit, competition, free economic choice
500
The economic system where the government makes decisions and answers the 3 questions. 
What is centrally planned or command economy?
500
Provide 2 examples of how the U.S. Government interferes with the laws of supply and demand
Subsidies,Taxes

Tariffs, etc.

500
When a country has a high literacy rate, they likely have a more educated work force. This means they have a high degree of ________________. 
What is human capital? 
500
This measure of GDP is more accurate than GDP because it compares the output to the population.
What is GDP per capita?
500
List the steps of the decision making process
Define the problem, identify the alternatives, evaluate the alternatives, make a choice, take action on the choice, review the decision.
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