Show:
Wants and Needs
Economics Misc
Factors of Production
Measuring Activity
The Business Cycle
100
The city of goodyear wants a new shopping mall
What is a public want
100
What should be produced? How should it be produced? Who should share in what is produced?
What are then 3 main economic questions
100
The means to produce good and services
What are the factors of production
100
Total value of goods and services produced in a country in a given year.
What is Gross Domestic Product
100
The rise and fall of economic activity over time
What is The business Cycle
200
I want a new XBOX One
What is a private want
200
You buy a haircut for $25 dollars and tip your stylist $10, it cost her $23 to produce your haircut, the $12 left over is called what?
What is profit
200
The Raw Materials found in nature
What are natural resources
200
An increase in the cost of goods and services
What is Inflation
200
This is a slow down in economic activity which happened when the dot com bubble bursted
What is a Recession
300
Products you can see and touch, i.e. a computer
What is a good
300
McDonalds vs Wendys is an example of what
What is competition
300
The person who opens a business
What is a entrepreneurial resource
300
Amount of money the government owes
What is National Debt
300
This is a peak in economic activity
What is prosperity
400
A Haircut
What is a service
400
The act of gathering and analyzing information about wants, needs, and preferences of consumers in a certain market.
What is market research
400
workers
What are Human/Labor Resources
400
When the government spends more than it collected in taxes
What is a Budget Deficit
400
This is a rise in business activity after a recession or depression.
What is a Recovery
500
The person who selects, purchases, uses or disposes of goods and services.
What is a consumer
500
Any commercial activity that seeks profit by providing goods and services to others in exchange for money
What is a business
500
A Delivery truck, supermarket, cash registar
What is a capital resource
500
GDP, Unemployment Rate, Rate of Inflation, National Debt
What are economic indicators
500
This may last several years and effect other countries, known as a deep recession.
What is a Depression