Economic Basics and Process
When supply of a product goes up, what happens to the demand?
How many kinds of economies are there?
What is the name for a tax put on imports and exports?
Tariff
What do we call a plan that shows income and expenses over a period of time?
Budget
Government
What is the name for people or businesses that make and sell products?
Producers
What kind of economy do we have in the USA?
Mixed
What are goods and services that are made within a country and sold outside the countries borders?
Export
***DAILY DOUBLE***
What is the name for setting money aside for future use?
Saving
What do we call a system of basic rules and principles by which a government is organized? (A set of rules for the government)
What is the money a producer has left after subtracting the costs of doing business?
Profit
What do we call countries with a strong economy and a high standard of living, such as the US or Japan?
Developed
What do we call goods and services sold in a county that are produced in another country?
Imports
What is the price paid for borrowing money?
Interest
What is the government structure in which government actions are limited by law?
Limited Government
What do we call a period of six months or more where there is an economic decline?
What do we call countries that have less-productive economies and lower standards of living, such as Haiti or Ethiopia?
Developing
What do we call the tax that is added to the price of a good or service when purchased?
Sales Tax
What is the act of using money in the hopes of making a future profit?
Investing
What is the government structure in which there are no effective limits or laws on government?
Unlimited
What is the act of concentrating on a limited number of goods and services?
Specialization
What percent of countries are considered to be DEVELOPED?
Only 20% of countries
Which tax is most responsible for paying to fund our public schools?
Property Tax
What can someone your age use now to gain interest and have you money make money?
A savings Account at a bank
Name a country that has a government with UNLIMITED power?
North Korea, China, Saudi Arabia, Iran