A __________ is a plan that estimates expenses and income for a given period of time.
What is a budget?
100
__________ is the desire for goods and services, combined with the willingness of consumers to pay for them.
What is demand?
100
What is the difference between a need and a want?
A need is something that a person must have in order to survive. A want is something that is not needed in order to survive but people may still buy it.
100
What is an entrepreneur?
What is a person who starts their own business.
100
How many branches does the US government have?
What is 3?
200
Auto mechanics, doctors, and plumbers all provide vital _________ for our communities
What are services?
200
Goods that one country sends to another
What are exports?
200
Name 2 examples of a need and 2 examples of a want.
Need - food, shelter, water, medical care, clothing, etc.
Want - electronics, toys, movie tickets, etc.
200
What is a consumer?
What is a person who buys goods or services.
200
Which branch of government is responsible for carrying out the laws?
What is the executive branch?
300
The number of goods and services available in a market.
What is supply?
300
Goods that are made in other countries and sent to our country to be sold.
What are imports?
300
Name 4 of the most important service industries in NJ.
Computer programming, real estate, tourism, finance, private research laboratories, insurance
300
What type of economy does the United States have?
What is free enterprise/capitalism?
300
What invention made it possible to broadcast live television shows?
A. Transistor radio
B. Telstar satellite
C. light bulb
D. Laser
What is B. Telstar satellite?
400
A system of producing and distributing goods or services, designed to satisfy wants or needs
What is an economy?
400
Pork Roll and Salt Water Taffy are examples of a ________.
What is a good?
400
What type of economy is this?
Both the government and the market make economic decisions. It features private owners, and runs on the law of supply and demand.
What is mixed/market economy?
400
What type of economy is this?
The government has strong control, and makes all economic decisions.
What is command economy?
400
Who invented the following: the phonograph machine, the motion picture camera, and the first practical light bulb?
Who is Thomas Edison?
500
Money that remains after all costs and expenses have been subtracted from the income of a business
What is profit?
500
All money that is earned by working, combined with money that is collected from other resources
What is income?
500
What type of economy is this?
Based on agriculture, hunting, and gathering. Traditions and customs affect economic decisions.
What is traditional economy?
500
What is another term for free enterprise?
What is capitalism?
500
Put the following events in chronological order:
A. Opening of the NJ Turnpike.
B. Creation of the first transistor.
C. First long-distance telephone dialing.
D. Opening of the Garden State Parkway.
E. Creation of the first laser.
What is
B. Creation of the first transistor.
C. First long-distance telephone dialing.
A. Opening of the NJ Turnpike.
D. Opening of the Garden State Parkway.
E. Creation of the first laser.