Show:
Economics (Lv1)
Business (Lv1)
Economics (Lv2)
Business (Lv2)
Combine
100
Define Economics!
The study of how individuals, groups, and governments make choices to satisfy their unlimited wants with limited resources
100

Unincorporated business owned by two or more people

Partnership

100
What is the difference between micro and macroeconomics?
Micro-deals with small level of the economy, families, businesses. Macro-deals with the whole economy, and decisions by the government
100
What is a consumer?
A person who buys goods and services for their own use
100
What are the Factors of Production?
Resources needed to produce goods and services -Land -Labour -Capital -Enterprise
200
What is Opportunity Cost?
The next best alternative foregone
200

What is considered not part of GDP?

Answers may very

200
What is the GDP equation?
C + I + G + (X - M)
200

Name Characteristics of an Entrepreneur.

Creative, Risktaker, Hardworking, ect...

200
What are the three basic questions that economies face?
1. What should be produced 2. How should it be produced 3. For who should it be produced
300
Coca Cola decided to sell a new coke with lime. No one liked it though so no one bought it. They lowered the price. Why?
The supply was high and demand was low because no one liked the drink.
300
Define income!
Money we receive, usually by working
300

What is a Demand Curve?

A decreasing curve representing of the quantity demanded of a good at different price levels.

300
A budget deficit means that...
Expenditure will be greater than income
300
Why do we pay taxes?
To finance Public and Merit goods Ex: Schools, Parks, Roads, etc. (services that the government provides)
400
Are scarcity and a shortage the same thing, why or why not?
No. Scarcity always exists, and a shortage is temporary.
400

Phase in the business cycle when GDP declines

Contraction (Recession) 

400

The unemployment rate is currently at 9%. Is this considered high or normal rate 

High

400

What does IPO stand for and what does it mean

Initial Public Offering

400
Production decreases and unemployment increases during ...
a recession & depression
500
Name two land resources used to make an iPhone.
Glass, plastic, metal
500

What is the difference between a copyright, patent, and trademark?

Copyright - Original Work 

Patent - New Technology 

Trademark - Words, Names, Symbols,

500

Most businesses in US are considered ...

Sole Proprietorships

500

List three responsibilities of the Federal Reserve

1. Maintaining Stable Prices (Inflation)

2. Control Money Supply 

3. Supervising and regulating banks


500

What type of of economic was the US made up of in the 1800's.

Agriculture economy