Show:
Needs/Wants
Economic Choices
Economic Systems
Supply/Demand
DECA
100

An example of a need

What is food, water, shelter, etc..?

100
Not having enough resources to satisfy all wants and needs.

What is scarcity?

100
The government owns and controls the resources.

What is a command economy?

100

The people who buy and use goods.

Who are consumers?

100

An association of marketing students.

What is DECA?

200

An product that you can see and touch

What is a good?

200

A process that helps you make decisions.

What is economic decision making or the decision making process?
200

Owners of the economic resources in a market economy.

Who are all of the people of the country?

200

The companies and individuals who create and sell the products that people need/want.

Who are producers?

200

Three levels including Districts, State, and Internationals

What is competition?

300

People who produce goods and services

What are human resources?
300

Giving up something for something else

What is a trade-off?

300

The right to own anything you want and decide what you want to do with it, as long as it does not violate the law

What is private property?

300

Businesses will want to produce more as the price ________.

What is increase?

300

An advantage to joining DECA

What is boost college/job application or serving the community or growing business/marketing knowledge? 

400
Wants and needs are ___________ and resources are _________________

What is unlimited and limited? (must be in that order)

400

The opportunity cost if you go to a movie instead of going bowling.

What is bowling?

400

The US economic system.

What is market economy?

400

As many companies begin producing a product in relatively high demand, price will ___________

What is drop or decrease?
400

Areas you can compete in DECA

What is finance, marketing, hospitality, management, and entrepreneurship?

500

List the three types of resources and and example of each for a t-shirt.

What are natural, human, and capital resources? Examples vary (natural: cotton, human: the factory workers, capital: the factory that the t-shirt is made in)

500

List the steps in the economic decision making.

What is (1) Define the problem, (2) Identify the choices, (3) List advantages and disadvantages of each, (4) Choose the best alternative, (5) Act on your choice, (6) Review your decision?


500

List the three economic questions

What are (1) what to produce, (2) how to produce, and (3) what wants and needs to satisfy?

500

The point where supply and demand curves cross.

What is market price?

500
The three core areas of DECA that we discussed.

What is community service, connecting to business, and competition?