100 200 300 400 500 economic resources economic systems economic indicators the business cycle...
TRANSCRIPT
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Economics Chapter 3
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Economic Resources
Economic Systems
Economic Indicators
The Business
CycleTrivia
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Economic Resources – 100
Economic Resources are also known as what?
Factors of Production
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Economic Resources - 200
What terms means the difference between wants and needs and available
resources
scarcity
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Economic Resources - 300
Which of the economic resources refers to the people willing to
invest their time and money to run a business?
Entrepreneurship
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Economic Resources - 400
Which of the economic resources includes the money to start up a business and the goods used in
the production process?
Capital
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Economic Resources - 500
What are the four categories of resources?
Land, Labor, Capital, and Entrepreneurship
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Economic Systems - 100
What are the three BROAD types of economic systems?
Market, Traditional and Command
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Economic Systems - 200
What are the three types of MIXED economies?
Capitalism, Communism and Socialism
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Economic Systems - 300
What are the three economic questions?
What to produce
How to produce it
And
For whom is it produced
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Economic Systems - 400
Explain the difference between command and market economies.
Command has total government control and marketing has NO
government control
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Economic Systems - 500
How is socialism different from capitalism?
Socialism has more government programs and
higher taxes
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Economic Indicators – 100
What term means the output per worker hour measured
over a defined period of time?
Productivity
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Economic Indicators - 200
What is Gross Domestic Product (GDP)?
The output of goods and services produced by labor and property located within
a country
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Economic Indicators - 300
Explain the difference between the GDP and the GNP
GNP includes all things that are sold inside a country and by their
businesses abroad
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Economic Indicators - 400
What are the 5 economic measurements?
Labor Productivity, GDP, Standard of Living, Inflation Rate, Unemployment Rate
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Economic Indicators - 500
What makes up the GDP for a country?
Private investment, government spending, personal spending, net
exports of goods and services, and change in business
inventories
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The Business Cycle - 100
What are the four stages of the business cycle?
Expansion, Recession, Depression and Recovery
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The Business Cycle - 200
What is a trough?
The lowest point in the economy
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The Business Cycle - 300
What does the peak of the business cycle indicate.
The cycle has reached its highest point and is now moving into the next stage of the cycle, recession
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The Business Cycle - 400
During which stage of the business cycle are people afraid of losing their jobs?
Recession
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The Business Cycle - 500
How can the government influence business cycles?
Policies and programs, taxes, lending rates
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Trivia - 100
Define economy
The organized way a nation provides for the wants and
need of its people
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Trivia - 200
When recourses are scarce, what kind of decisions must
a country make?
Economic decisions
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Trivia - 300
What are the three goals of a successful economy?
Increase productivity, decrease unemployment, and maintain
stable prices
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Trivia - 400
What is included in a country’s infrastructure?
Sewers, highways and phone lines
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Trivia - 500
What is it called when a government sells state owned assets to private individuals in
order to raise money for its operations?
privatization