Economic Systems and Activities
True or False? We can always get whatever we want, when we want them because our resources will always last forever.
A: True
B: False
B: False
What do we call the business of buying, selling, and bartering goods and services?
A: Manufacturing
B: Trade
C: Stealing
B: Trade
What is money?
A: The meaning of life
B: Anything accepted as payment
B: Anything accepted as payment
Fill in the Blank: America's market economy accounts for _______ of the world's economic activity.
A: 1/7
B: 1/2
C: 3/4
A: 1/7
True or False? Our Kenny Bucks are a type of money.
A: True
B: False
A: True
What are the 4 factors of production?
A: land, labor, capital, and entrepreneurship
B: spring, summer, fall, and winter
A: land, labor, capital, and entrepreneurship
What is it called when a company splits up its headquarters and business operations across multiple countries?
A: Outsourcing
B: Good business strategy
A: Outsourcing
How many functions are there for money?
A: 1
B: 2
C: 3
C: 3
How many features are there in America's economy?
A: 2
B: 8
C: 6
C: 6
What is America's type of economy called?
A: Capitalism
B: Communism
C: Free enterprise system
D: A and C
D: A and C
(It still counts if they pick A or C!)
Which of the following plays a large part in a business' success?
A: Published research about the business
B: Recommendations from celebrities
C: Location
C: Location
A: Outsourcing
B: Separation
C: Globalization
C: Globalization
What are the 4 characteristics of money?
A: Easy to carry, easy to divide into smaller amounts, durable, and in limited supply
B: Be respectful, responsible, flexible, and kind
C: Hard to carry, hard to divide into smaller amounts, fragile, and easy to make
A: Easy to carry, easy to divide into smaller amounts, durable, and in limited supply
What motivates people to invest their money and invent new products?
A: A desire to make life easier for everyone
B: Profit
B: Profit
Fill in the Blank! Our Kenny Bucks are a type of _____ money.
A: coin
B: paper
C: electronic
C: electronic
True or False? The factor of production entrepreneurship involves human creativity and a desire to start new projects.
A: True
B: False
A: True
Which of the following is a downside of trade and globalization?
A: Environmental damage
B: More choices for goods
C: Lower prices
A: Environmental damage
Which of these is NOT a type of money in the United States?
A: Paper bills
B: Kenny Bucks
C: Metal coins
B: Kenny Bucks
What is a free enterprise system?
A: An economic system where businesses compete for profit with little government interference.
B: An economic system where the government tells businesses exactly what to make and how much.
A: An economic system where businesses compete for profit with little government interference.
What is the main difference between international trade and domestic (within a country) trade?
A: International trade is more expensive than domestic trade.
B: Domestic trade is limited to goods, while international trade can include labor and capital.
A: International trade is more expensive than domestic trade.
Which type of economic activities involve processing, managing, and distributing information?
A: Primary
B: Secondary
C: Tertiary
D: Quaternary
D: Quaternary
Why do countries trade with each other at all?
A: Because we can
B: Because sharing is caring
C: Because Earth's natural resources aren't equally divided and we can't make everything we need
C: Because Earth's natural resources aren't equally divided and we can't make everything we need
Which of these is electronic money not managed by any country or central bank?
A: Cryptocurrency
B: Kenny Bucks
A: Cryptocurrency
True or False? Markets provide things like a criminal justice system, and have nothing to do with the economy.
A: True
B: False
B: False
Fill in the Blank! The 4 types of __________ _________ are primary, secondary, tertiary, and quaternary.
A: body parts
B: economic activities
B: economic activities