DECA
How many questions are on the exam?
100
What is inflation?
the rate of increase in prices over a given period of time
What is economics?
Production, distribution, and consumption of goods, social science, revolves around limited resources
What are economic systems?
The different practices of allocating resources to meet needs throughout history
What is productivity in economics?
Measure of performance that compares output of a product with the input required
What is the new principles event for the 2024-2025 year?
Principles of Entrepreneurship
What is the law of demand?
when the price of a product goes up, the quantity demanded will go down – and vice versa
True or false. Economics is connected to politics
True
What is a traditional economy?
Based on goods, services, and work. Follow trends, relies on people, basic, rural, farming, few resources, no surplus, low waste, sustainable
How do you calculate productivity?
Output by a company divided by the units used to generate that output
What are the competition dates of ICDC 2025?
April 26-29! See you there.
What is opportunity cost?
Opportunity cost is the future income that would have been earned if the alternative was chosen
What is micro vs macro economics?
Micro: individual/business choices
Macro: economy behaviours as a whole
Which economy rarely has the public's best interest?
Command
What is productivity growth essential for?
Gains in wages, corporate profits, better living standards
When was DECA founded?
1946
happens because costs are spread over a larger number of goods, cost advantage
Economics focuses on the efficiency between ______ and ________.
production; exchange
Which economy is hard to balance/control
Mixed
How is productivity an indication of a country's standard of living?
Raising it allows people to get what they want faster or more in the same amount of time. Supply rises with productivity, which decreases real prices and increases real wages
What did DECA originally stand for?
Distributive Education Clubs of America
Explain the concept of fiscal policy
The use of government spending and tax policies to influence economic conditions
List 4 economic indicators of performance.
GDP, retail sales, industrial production, employment data, CPI
Which economy is also known as a planned system?
Command economy
What are 4 ways to measure productivity?
Labour productivity, total factor, capital, and material