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Vocabulary
What is the Economy?
Trade & Markets
People & the Economy
A Global Economy
100
A person or a company who buys a good or service?
What is a consumer?
100
Food, water, shelter, clothing are examples.
What are needs?
100
To trade one type of good or service for another is an example of:
What is bartering?
100
Choosing a video game over a new backpack is an example of: (Identify the item of your answer.)
What is Opportunity Cost.
100
Goods that are brought IN from another company.
What are imports?
200
A person or company who makes a good or a service to sell to others.
What is a producer?
200
Give an example of a time you acted as a consumer and a producer.
Answers will vary.
200
A rise in the usual price of many goods and services is called -
What is inflation?
200
When you are in the desert, water is very limited. This is an example of:
What is scarcity?
200
Goods that are shipped TO another country.
What are exports?
300
The use of public notices to bring attention to a product or service.
What is advertising?
300
The United States economy is based off of this type of system.
What is a Free Enterprise (Market Economy)
300
This is the term used as the type of money used in a particular place. In the United States it is called dollar.
What is currency?
300
Bulletin boards, signs, ads are all examples of:
What is advertising?
300
The process through which goods and ideas spread between different countries.
What is globalization?
400
An economy where the government decides which goods and services will be created.
What is a command economy.
400
These are examples of the government's role in our economy in providing public services.
Answers will vary, but may include: education or mail delivery
400
A person who owns and runs their own business is called this.
What is an entrepreneur?
400
You have $100 in the bank, over a year's time, the bank pays you $12.50. This is an example of the bank paying you -
What is interest?
400
***** DOUBLE JEOPARDY***** THIS QUESTION IS WORTH TWICE ITS VALUE Name one of the two important service industries in the Midwest
What are manufacturing or transportation?
500
The difference between a business's total sales and the business's total expenses.
What is profit?
500
This is an example of the government in the role of a consumer.
Answers may vary but may include: The government may buy planes for the Navy police cars or ambulances
500
Entrepreneurs are will to take risks because they believe -
their ideas will make them money.
500
If you have a BOGO sale for your new product (Buy One Get One free) this is an example of:
What is an incentive?
500
How has technology changed communication, or the sharing of ideas and information?
These innovations have made communication faster and cheaper.