Show:
Economic Resources
Decision Making Process
Economic Systems
Economic Measurements
Economic Cycles
100
Cotton
What is an example of a natural resource
100
First Step
What is define the problem
100
Ecomomic system found in a poor country
What is custom based
100
total dollar value of all final goods and services produced in a country in one year
What is GDP or gross domestic product
100
What is the movement of the economy from one condition to another and back again
What is business cycle
200
Factors of Production
What is another name for economic resources
200
Last Step
What is review your decision
200
Type of economic plan usually found in democratic governments
What is Market Economy
200
year chosen to compare an item, such as price, to any other year.
What is base year
200
This historical cycle took place approximately from 1929 to 1939.
What is the Great Depression
300
Trees, water, copper
What is natural resources
300
six steps total
What is the total number of steps in the decision making process
300
The government controls everything
What is directed or planned economy
300
calculated by dividing GDP by the total population
What is GDP per capita
300
The business cycle where everyone who is able to work has a job, businesses are booming, GDP is increasing.
What is prosperity
400
Office Buildings, delivery vans, factories
What are capital resources
400
Step 4
What is choose one
400
We are free to own use or dispose of things of value
What is private property
400
cars, hamburgers purchased at a fast food restaurant
What are examples of items included in GDP
400
A period where demand begins to decrease, businesses lower production of goods, GDP slows, unemployment rate increases
What is recession
500
Sales Clerks, mechanics, doctors
What are human resources
500
Step 5
What is act on your choice
500
Citizens are able to keep the money left from sales after subtracting all cost of the business.
What is profit
500
a blanket crocheted by your grandmother
What is an example of item not included in GDP
500
The phase when unemployment begins to decrease, businesses are starting to produce more goods, and GDP begins to rise again
What is recovery