What is the Economy?
What is the main economy of St. Thomas?
What is tourism?
Describe the difference between needs and wants.
What are needs are things you require to survive, and wants are things that you'd like to have (such as games, candy, etc.) but don't need?
What is currency?
DAILY DOUBLE
What does it mean to barter?
What is the type of money used in a particular place? (ex. US Dollar $)
DAILY DOUBLE
What is to trade one type of good or service for another type?
_______________ is the use of public notices to bring attention to a product or service.
What is advertising?
What makes trade possible?
What is transportation?
_____________ is the amount a company can produce with a certain amount of labor.
What is productivity?
A person or a company who makes a good or service to sell to others is known as a what?
DAILY DOUBLE
A person or a company who buys a good or service is a what?
What is a producer?
DAILY DOUBLE
What is a consumer?
Describe the difference between natural and human resources - provide examples.
What is human resources refers to individuals and people who are capable and educated to do the work.
Natural resources are those that come from nature, such as water, sunlight, oil, minerals, plants, and so on.
The amount of a product that businesses have available to sell is what?
DAILY DOUBLE
___________ is the amount of a product that consumers are willing to buy.
What is supply?
DAILY DOUBLE
What is demand?
What are innovations?
What are new inventions or ways of doing things?
__________________ is the separation of a work process into a number of different jobs.
What is division of labor?
In a ___________ economy, the government decides what goods and services can be made and sold.
What is a command economy?
Government protects _____________, or the land, homes, stores, and goods that people or companies own.
What is private property?
A rise in the usual price of many goods and services is called what?
What is inflation?
_____________ are things that encourage us to take an action, such as making a purchase.
What are incentives?
What is the difference between imports and exports?
What is imports are goods that are brought in from another country to be sold here while exports are goods that are shipped to another country to be sold there?
The process through which goods and ideas spread between different countries is called _____________.
What is globalization?
A ______________ economy is one in which producers have the right to create any goods or services they want.
What is a free enterprise economy OR a market economy?
What two areas are need and wants split into AND what do those areas mean?
What are GOODS (actual things) and SERVICES (things people do for you)?
________ is the money a business has left over after it pays all its costs.
What is profit?
When you keep money in a bank, the bank pays you extra money called what?
What is interest?
_____________ means that one country’s economy relies upon the economies in other countries to succeed.
What is interdependence?
________________ is the ability of a company, group, or person to focus on a single task.
What is specialization?
In what ways is the government a producer?
What is it builds roads, schools & provides education and mail delivery?
In what ways is the government a consumer?
What is it buys planes or police cars & services, such as a teacher?
The profit that a business earns over a period of time, such as a year, is called ___________.
What is income?
What does scarcity mean? Define it and give an example.
What is it means that the amount of a resource is limited?
Examples: water in the desert, jobs, seats at a football game, money to buy the things you want.
Describe the benefits (pros) and costs (cons) of globalization.
Benefits: more choices, cheaper goods, more jobs.
Costs: competition, loss of jobs, pollution.
What is known as the process of hiring people to work outside of a company?
What is outsourcing?