Economic Basics
Housing, Water, and Food are all examples of what
A Need
______ is the practice of making a living by engaging in commerce; the act of buying, selling, trading, producing, consuming.
Business
__________ determine what their needs and wants are.
Consumers
The most sought after Workplace Readiness Skill in employees right now is:
Creativity
High IQ
Technology
Creativity
Mr. Scolforo's favorite food
Pizza
A _____ happens when there is excess spending when compared to income or assets.
Deficit
GDP stands for
Gross Domestic Product
______ produce the good and services that the consumers want.
Producers
Greeting someone with a smile, being polite and professional is the best way to demonstrate the Workplace Readiness Skill of ____________________________.
Good Customer Service
Information Technology
Listening and Speaking Skills
Math Skills
Good Customer Service
Mr. Scolforo's favorite animal
A Shark (duh!)
The _____ are all the resources necessary for a business to produce goods and services.
Factors of Production
The four parts of the business cycle are
Recession, Trough, Expansion, Peak
The difference between consumers and producers is _______________
consumers buy products and services, producers supply products and services
A good way to demonstrate positive listening and speaking Workplace Readiness Skills is to _____________.
Walk away mid-sentence
Face the person who is speaking
Pretend you know what someone else is talking about, even when you don't
Keep earbuds in while your boss is talking to you
Face the person who is speaking
Mr. Scolforo's favorite soccer team
FC Barcelona
What are the four types of economies
Market, Traditional, Mixed, Command
GDP divided by the population of a country =
GDP per capita
Producers use many available ______________________ to provide their products and services.
Resources
An important Workplace Readiness Skill is ____________, which is the act of working well and getting along with others on the job to accomplish a task or goal together.
Teamwork
Mr. Scolforo played what sport in college
Water Polo
Measures of Economic Activity for a country can include all of the following, EXCEPT:
Debt
Household Size
Income
Unemployment Rate
Household Size
When faced with ______, determining “Needs” versus “Wants” becomes a main factor in the decision-making process.
Scarcity
In a Free Market Economy, the ______ determine what products and services will be produced.
Consumers
Diversity is a good Workplace Readiness Skill because _____________________
People who come from different backgrounds have unique perspectives / ideas / skill sets, and that translates into better creativity and problem-solving skills in the workplace
Where did Mr. Scolforo go to college
Bloomsburg University