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Basic Vocab
Economics Category
International
U.S. History
Leadership
100
The difference between "wants" and "needs" is
What is wants are things that you do not have to have to survive, but would like to have and needs are things you need in order to survive.
100
What is scarcity?
Scarcity is the term used to describe a lack of necessary resources to meet the public demand (food, water, etc.). Scarcity can create an increase in government-run services, dissatisfaction among consumers, breadlines, etc.
100
What does NAFTA stand for?
What is North American Free Trade Agreement.
100
After the stock market crash in 1929, the United States began a time period referred to as the _____________________________, a time when resources were scarce but demand was high.
What is "Great Depression."
100
Identify one reason a manager should delegate work to their employees?
Multiple answers. Possible include: allow time for more important work, gives leadership opportunities to others, etc.
200
A ____________________ is a legal grant for the sole right to own an invention. The federal government grants them.
What is a "patent."
200
What is the term used to label a general increase in the price of goods and services.
What is inflation.
200
When one nation specializes in producing a particular product that is plentiful due to climate, natural resources, or populations, instead of producing other products that are more cost effective to import, it is referred to as?
What is "comparative advantage."
200
The ___________________________________________ bans discrimination against people with mental and/or physical disabilities.
What is the American with Disabilities Act.
200
Describe "Free-Rein" leadership.
What is a leadership style in which the lead manager explains the goals and direction of the company then leaves lower managers and employees alone for them to get the work done using their own decision-making processes.
300
Who is a "consumer"?
What is someone who uses goods and services.
300
What is an incentive?
What is a temporary reduction or elimination of a tax that is meant to encourage or discourage an activity.
300
A socialist or communist country, such as Cuba or North Korea, has leadership that controls and makes decisions for the entire economy. The type of economy for countries such as this is what?
What is a "command economy."
300
In the four major shifts in U.S. economic history, what is the original economy based on in the 1600s?
What is trade and bartering. Exchange of goods require human agreements, typically with a handshake or direct trade for goods and services.
300
Explain a "Mixed Economy"
There exist both public and private businesses. The government supports the economy through incentives and controls the economy through laws, but lacks the control over consumer choices.
400
Identify the four factors of production.
What is natural, commercial, entrepreneurial, and labor.
400
What is the difference between a "monopoly" and an "oligopoly?"
What is a monopoly is a company that controls an industry or is the only one to offer a product or service. An oligopoly is a small number of companies that control an entire industry.
400
Identify one reason for free trade and one reason for protectionism.
Multiple answers.
400
Explain how the "Baby Boomers" will impact the current generation in two ways.
Multiple Answers. Possible include more jobs opening up, increase in retirement costs of peoples paychecks, etc.
400
What is the difference between centralized and decentralized authority?
What is centralized authority places all power in one person whereas decentralized spreads power between multiple levels of management. Both have positives and negatives.
500
Draw and label the supply and demand curve on the chalkboard.
Needs: Supply, Demand, Price, Product, Equilibrium.
500
Explain what government revenue is and how it gets revenue.
What is all the income government makes from various sources. This income comes from taxes, interest on loans to other nations, repaid debts, and donations.
500
Explain why England continues to use the British Pound instead of switching to the Euro.
The British Pound is very strong and British leadership does not wish to risk switching currency due to possible repercussions concerning currency value. Also, by switching to the Euro, England would have to gather all currency slowly over time and print new currency. Considering the strength of the British pound against both the U.S. Dollar and the Euro, it would most likely go against both the opinion of British leadership and the common people.
500
During Clinton’s presidency, the United States enjoyed a ___________________________ during a few years because the government’s revenue exceeded its expenditures.
What is a "budget surplus"
500
Identify the four components of the management process.
What is planning, controlling, organizing, and leading.