Show:
A Look at Wants and Needs & Business Activities
Economic Resources
Economic Systems
U.S. Economic History
The Business Cycle
100
Things that you do not have to have to survive.
What is wants?
100
This is the lack of resources.
What is scarcity?
100
This is the study of how individuals and groups of individuals strive to satisfy their needs and wants.
What is economics?
100
This is what GDP stands for.
What is gross domestic product?
100
The rise and fall of economic activity over time.
What is business cycle?
200
Tasks that the businesses perform for consumers
What is services?
200
These are raw materials from nature that are used to produce goods.
What is natural resources?
200
These are the methods societies use to distribute resources.
What are economic systems?
200
These are the four shifts in our economy.
What is agricultural, industrial, service, & information?
200
These are the four stages of the business cycle.
What are prosperity, recession, depression, recovery?
300
This is a five step proces that can help you make good choices.
What is The Decision-Making Process?
300
These are examples of nonrenewable resources.
What are coal, iron, and oil?
300
These are the three types of economic systems.
What are market, command, & mixed?
300
This is the level of material comfort as measured by the goods and services that are available.
What is standard of living?
300
This is the point in the business cycle where the GDP grows, new businesses are opening, and people start going back to work.
What is recovery?
400
These are just some of the activities that a business must do when developing products or services.
What are identify opportunities, evaluate the demand, obtain money, manage production, market, keep records?
400
This is the difference between labor resources and entrepreneurial resources.
What is labor are the workers, entrepreneurial are the idea makers?
400
These are the factors we look at when setting prices in a market economy.
What are supply, demand, and equilibrium price?
400
This is the general increase in the prices of goods and services.
What is inflation?
400
This is the point in the business cycle where people have less money, unemployment rates increase, and businesses produce less.
What is recession?
500
This is the number one motivator for a business.
What is profit?
500
These are the four factors of production.
What are natural resources, labor resources, capital resources, and entrepreneurial resources?
500
These are the three basic economic questions societies need to answer when making economic decisions.
What are What should be produced, How should it be produced, and Who should share in what is produced?
500
These are the five economic indicators.
What are GDP, Standard of Living, Unemployment Rate, Rate of Inflation, and National Debt?
500
This is an agency that guides the economy by regulating the amount of money in circulation & controls interest rates.
Who is "The Fed" or The Federal Reserve System?