Basics of Economics
Economics and Decision-Making
Economic Systems
Achieving Economic Development
Resources Satisfy Needs
100
The point at which supply meets demand.
What is market price?
100
Study of how people choose to use their limited resources to satisfy their wants and needs.
What is economics?
100
Process of changing an industry from publicly to privately owned.
What is privatization?
100
Bangladesh, Bulgaria, Chad, Ecquadoe, Ethiopia, Hungary, Nepal, Nigeria, Pakistan, Peru and the Phillipines.
What is a less-developed country?
100
The value of one country's money in comparison to another country's money.
What is foreign exchange rate?
200
When demand exceeds supply prices go up and it is called__________________
What is demand-pull inflation?
200
Refers to the limited resources available to satisfy the wants and needs of people.
What is scarcity?
200
The only command economy in the northern hemiphere.
What is Cuba?
200
The types of businesses commonly found in developing countries.
What is agriculture and mining?
200
When a country can produce a good or service at a lower cost than other countries.
What is absolute advantage?
300
The government prints more money to pay its expenss is an example of ______________________.
What is demand-pull inflation?
300
The factors that created economic difficulties in Mexico.
What is trade barriers, high government spending and unfavorable balance of trade?
300
Natural resources, human resources and capital resources
What are factors of production?
300
A country with strong business activity that is usually the result of advanced technology and a highly educated population.
What is an industrialized country?
300
The amount a country owes to other countries.
What is foreign debt?
400
Caused wars, famine, natural disasters and not passing on the language to the next generation causes _________________________.
What is extinction of the language?
400
The most attractive alternative given up when a choice is made.
What is opportunity cost?
400
The three types of economic systems.
What is command, market and mixed economies?
400
Transportation, communication and utility systems are examples of this.
What is infrastructure?
400
Federal government report published by the Bureau of Labor Statistics that refers to general increases in prices.
What is Consumer Price Index?
500
The price of silicon used to make computer chips increasesis an example of ______________.
What is cost-push inflation?
500
Name the six steps in the decision-making process.
What is define the problem, identify the alternatives, evaluate the alternatives, make a choice, take action on the choice, and review the decision?
500
The three main characteristics of a market economy.
What is private proerty, rofit motive, and free, competetive marketplace?
500
The main influences on a country's economic development.
What is literacy level, technology and agricultural dependence?
500
Measures the output of goods that a country produces within its borders.
What is gross domestic product.
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