Everyone makes choices about resources what are they?
How to make the best use of scarce resources such as natural resources, human resources, human resources and capital resources.
100
How are prices set in a free market?
It relies on a competition.
100
What does decline in unemployment mean?
More people are employed.
100
Why is competition a good thing?
Lower prices, better quality, innovation.
100
What is the US population?
316 million
200
What are opportunity costs?
the loss of potential gain from other alternatives when one alternative is chosen.
200
What is GDP per capita?
Gross domestic product.
200
Why should countries specialize?
To increase trade between countries.
200
What is globalization?
a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology.
200
What is the world life expectancy?
68 years old
300
What happens when resources are fully employed?
They would have to get produce less of the other product so they could produce more of another product.
300
What limits a country's GDP?
The quantity and quality of its resources.
300
What is comparative advantage?
The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
300
Why do countries trade?
they both expect to gain something of value
300
What languages are spoken most through the world?(4)
Chinese, SPanish, English, Arabic
400
Who ultimately pays the price of tariffs?
Governments usually charge tariffs to try and help local businesses.
400
What happens when consumers incomes go down?
Consumer spending is reduced.
400
What is the total National debt of the US?
$15.5 trillion
400
Who does the US trade with (3)
-Canada
-China
-Mexico
-Japan
-Germany
400
How many internet users are there in the world?
2.3 billion
500
How do you calculate foreign exchange rates?
RMB/7=$10.00
RMB/6=$11.67
500
Why would a government reduce taxes?
To give consumers more income left over to spend and to make the economy grow.