Global & Personal Finance
Goods brought into a country from another country are called what?”
What are imports?
“The government collects money from citizens to fund services. What is this called?”
What is taxation?
What is when two people go into business together
"What is a parthershiP"
“The desire and ability to buy a product is known as what?”
What is demand?
“A student only has $10 and must choose between food or a game. What economic concept is this?”
What is scarcity?
Goods sold from one country to another are called what?”
What are exports?
“The government sets rules to make sure businesses operate fairly and safely. What is this called?”
What is regulation?
“A person who buys goods and services is known as what?”
What is a consumer?
“A store has a large amount of a product available for sale. What is this called?”
What is supply?
“You choose to go to practice instead of hanging out with friends. What is the opportunity cost?”
What is time with friends?
“A tax placed on imported goods is called what?”
What is a tariff?
“Roads, schools, and public parks provided by the government are known as what?”
What are public goods?
“A person who makes goods or provides services is known as what?”
What is a producer?
Prices increase because more people want a product than is available. What is happening?”
What is high demand/shortage?
A business decides to produce fewer items because resources are limited. What concept is influencing this decision?”
What is scarcity?
“A plan for how a person will spend and save money is called what?”
What is a budget?
“Prices increase over time, reducing purchasing power. What is this called?”
What is inflation?
A person starts their own business and takes risks for profit. What are they called?”
What is an entrepreneur?
“A business lowers prices because it has too many unsold goods. What situation is this?”
What is surplus?
“A person compares two choices and selects the one with the greatest benefit. What process are they using?”
What is decision-making/choice (cost-benefit analysis)?
“A country places high tariffs on imported goods to protect its own businesses. What is one likely effect on consumers and one effect on domestic producers?”
What is higher prices/less choice for consumers and increased protection/less competition for domestic producers?
“The government increases taxes and reduces spending to slow down rising prices in the economy. What type of policy is this, and what problem is it trying to fix?”
What is fiscal policy used to reduce inflation?
“A market has many businesses selling similar products, but one company begins lowering prices so much that competitors are forced out. Over time, that company becomes the only seller. What market structure is forming?”
What is a monopoly?
“After a natural disaster, the supply of gas decreases while demand stays high. What will most likely happen to the price, and why?”
What is prices will increase because supply decreased while demand remained high?
“A company chooses to invest money into new equipment instead of hiring more workers. As a result, fewer people are employed. What is the opportunity cost of this decision?”
What is the jobs/workers they gave up (hiring labor)?