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11•Rules for the game! Rules for the game! •No computers onNo computers on•We will go around the room , We will go around the room , by your teams, and see if your by your teams, and see if your teams get the right answers. teams get the right answers. •Get the answer right will Get the answer right will mean your team receives a mean your team receives a ticket to win a prize. ticket to win a prize. •Do not get it right and your Do not get it right and your team will not perhaps win team will not perhaps win prizes. prizes. •No shouting out the answers.No shouting out the answers.•Everyone must write down Everyone must write down the questions and the answers the questions and the answers for each number when your for each number when your teams is involvedteams is involved

•Team 1 - Chapter 1 Team 1 - Chapter 1 are numbers 1, 2, 3, are numbers 1, 2, 3, 4, 5, 64, 5, 6•Team 2 - Chapter 2 Team 2 - Chapter 2 are numbers 7, 8, 9, are numbers 7, 8, 9, 10, 11, 1210, 11, 12• Team 3 - Chapter Team 3 - Chapter 3 are numbers 13, 3 are numbers 13, 14, 15, 16, 17, 18. 14, 15, 16, 17, 18. •Team 4 – Chapter 4 Team 4 – Chapter 4 are numbers 19, 20, are numbers 19, 20, 21, 22, 23, 2421, 22, 23, 24

•Bonus is 25!Bonus is 25!

What is the definition of goods? What is the definition of goods? True or FalseTrue or False. Food, a television . Food, a television set, gasoline, cement are called set, gasoline, cement are called

Goods or products. .Goods or products. .

#1

#1True - Goods are things you can True - Goods are things you can

see and touchsee and touch

#22. True/False: Is the definition of 2. True/False: Is the definition of

natural resources the raw natural resources the raw materials supplied by nature?materials supplied by nature?

..

#2TrueTrue

All materials that come from the All materials that come from the earth, the water, or the air are earth, the water, or the air are

natural resources. .natural resources. .

#3What is the definition of human What is the definition of human

resources.?resources.?

#3Did you say human resources are Did you say human resources are the people who work to produce the people who work to produce goods and services you are rightgoods and services you are right

#4What is capital resources?What is capital resources?

#4The tools, equipment The tools, equipment and buildings that are and buildings that are used to produce goods used to produce goods and services are called and services are called

capital resources. capital resources.

#5What does economic decision What does economic decision

making mean?making mean?

#5Economic decision making is the process of choosing which wants, among several wants being considered will be satisfied.

#6Do businesses and Do businesses and

governments deal with governments deal with scarcity. Give an example for scarcity. Give an example for

bothboth

#6Examples from page 10 – A growing business might want to enlarge its plant and parking lot, but because the land it owns is limited and locating elsewhere would cost more than it can afford, it cannot do both.

All levels of government face the problem of supplying the almost unlimited wants of their citizens with limited resources. Example would be your town may wish to give a large wage increase to police and firefighters but because taxes may not provide enough money the increase might have to be smaller in order to provide other services, such as a new school building or additional employee to collect the garbage

#7What is an economic system?What is an economic system?

#7A nation’s plan for answering the A nation’s plan for answering the

key economic questions is an key economic questions is an economic system economic system

#8What is a market economy?What is a market economy?

#8A Market economies are generally found in countries that have democratic forms of government. Individuals buy and sell goods to people in a market place.

#9What is capitalism?What is capitalism?

#9Capitalism means that economic resources are usually privately owned by the individuals rather than by the government.

#10

What is private enterprise?What is private enterprise?

#10Private enterprise is the right of the individual to Private enterprise is the right of the individual to choose whether to own a business, what business choose whether to own a business, what business to enter, and what to produce with only limited to enter, and what to produce with only limited

government direction. government direction.

#11

What is private property? What is private property?

#11Private property means you can own, use or dispose of things of value. You may dispose of things

you own by selling them .

#12Explain the word profit.Explain the word profit.

#12Profit is the money left from sales after subtracting all the costs of operating the business.

#13Demand is the word I would like Demand is the word I would like

you to know.you to know.

#13Demand means the quantity of a product or service that consumers are willing and able to buy at a particular price.

#14What is the definition of supply?What is the definition of supply?

Supply mean the quantity of a product or Supply mean the quantity of a product or service that businesses are willing and able service that businesses are willing and able

to provide at a particular price.to provide at a particular price.

#14

#15How is your “standard of living” How is your “standard of living”

DefineDefine

#15The term standard of living The term standard of living refers to the way you live as refers to the way you live as measured by the kinds and measured by the kinds and

quality of goods and services you quality of goods and services you can afford.can afford.

#16What is the correct definition of What is the correct definition of

Public Goods?Public Goods?

#16 Public goods are something Public goods are something needed by a community and needed by a community and provided by its government. provided by its government.

#17A Video Rental center purchased A Video Rental center purchased 24 dozen video DVD’s of a new 24 dozen video DVD’s of a new

movie, at a cost of $20 per DVD, to movie, at a cost of $20 per DVD, to sell at Christmas. How many sell at Christmas. How many

individual DVD’s did they buy?individual DVD’s did they buy?

#1724x12= How many DVD’s did 24x12= How many DVD’s did

they purchase. they purchase. Amount 288Amount 288

#18The video store brought those 288 DVD’s The video store brought those 288 DVD’s

before Christmas. If demand dropped after before Christmas. If demand dropped after the holidays, would the shop be more likely the holidays, would the shop be more likely to increase or decrease the price to sell the to increase or decrease the price to sell the

DVD’s?DVD’s?

#18Decrease the price because the Decrease the price because the demand is lower and remember demand is lower and remember

there are always great sales AFTER there are always great sales AFTER the holidays. the holidays.

What is meant by GDP?What is meant by GDP?

#19

The gross domestic product (GDP) The gross domestic product (GDP) is the total dollar value of all final is the total dollar value of all final

goods and services produced in our goods and services produced in our country during one year. It country during one year. It

measures how the economy is measures how the economy is doing.doing.

#19

#20Please tell me what GDP per Please tell me what GDP per

capita means? capita means?

#20 Another way to measure Another way to measure

economic growth is GDP per economic growth is GDP per capita or output per person. GDP capita or output per person. GDP

per capita is calculated by per capita is calculated by dividing GDP by the total dividing GDP by the total

population. population.

We are in a recession now. What does We are in a recession now. What does that mean? that mean?

#21

#21Recession is a period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.

Hopefully, we will not go into a Hopefully, we will not go into a depression as we did in the depression as we did in the

1930’s. What is a depression?1930’s. What is a depression?

#22

#22Depression is a phase market by a prolonged period of high unemployment, weak sales of goods, and services, and business failures

#23Recently, we have seen some Recently, we have seen some

forms of deflation. What is forms of deflation. What is deflation? deflation?

#23Deflation means a decrease in the general level of Deflation means a decrease in the general level of

prices. It usually occurs in periods of recession and prices. It usually occurs in periods of recession and

depressiondepression. .

#24

Please explain a business Please explain a business

cycle?cycle?

All nations experience good times and bad All nations experience good times and bad times. Over a period of time bad times. Over a period of time bad

conditions disappear and good conditions conditions disappear and good conditions return. This movement of the economy return. This movement of the economy from one condition to another and back from one condition to another and back

again is called a business cycleagain is called a business cycle

#24

#25Bonus question: Suppose that many auto and steel Bonus question: Suppose that many auto and steel

plants close throughout a country and that thousands of plants close throughout a country and that thousands of workers lose their jobs in a relatively short time period. workers lose their jobs in a relatively short time period.

If the county has been enjoying prosperous times, it If the county has been enjoying prosperous times, it may now be headed into what phase of the business may now be headed into what phase of the business cycle? Describe other conditions that might begin to cycle? Describe other conditions that might begin to

occur. occur.

#25The country is in a recession do to the thousands of The country is in a recession do to the thousands of people being laid off. Some other things that could people being laid off. Some other things that could

happen would be that the country would see a happen would be that the country would see a reduction in prices of goods because people did not reduction in prices of goods because people did not

have the money to purchase the items. have the money to purchase the items.