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Economics Quiz 2
| Question | Answer |
|---|---|
| Capital Goods | man made goods that help produce other products, such as a machine, a drill or an oven |
| interdependence | because resources are not distributed equally around the world, this is when countries depend on each other for many goods and services |
| market economy | an economic system in which people are free to produce or buy whatever they want |
| specialization | when businesses and nations focus on producing only certain kinds of goods or services, using their best resources and most skilled workers |
| import | goods from a foreign country brought into another country |
| export | goods and services that are sold to other countries |
| traditional economy | an economic system where decisions are based on old customs, religions, or beliefs- mostly found in an agricultural (farming) society. |
| command economy | an economic system where the government (dictators and monarchs) make all decisions about what and how to produce goods and services |
| If the economic performance of a country is improving | it's standard of living is improving |
| If the economic performance of a country is not improving | the standard of living is dropping |
| Gross Domestic Product (GDP) | the total dollar value of all final goods and services produced in a country during a single year. |
| A nation's standard of living is determined by the ability to meet people's needs for food, clothing, education, and shelter, along with | health care |
| Economists | people who study how goods and services are made and consumed. |
| Economics | the study of how people, businesses, and countries use their resources to satisfy the wants and needs of their people |
| List 4 Basic Needs | food, clothing, water, shelter |
| Examples of Natural Resources | water, soil, plants, animals, land |
| Scarcity | the problem of not having enough of a resource to meet the demands. |
| 2 Problems of Scarcity | Unlimited Wants of people Limited Resources available to meet needs |
| opportunity cost | the value of what was given up to gain or purchase something else |
| consumers | people who buy goods and services |
| producers | people who make and sell goods and services |
| profit | the money that is left over after the costs of running a business are paid |
| entrepreneurs | people who start and own their own businesses |
| 3 Basic Economic Questions | What should be produced? How should it be produced? Who should it be produced for and sold to? |
| True or False: In a market economy, the role of the government is limited. | TRUE |
| True or False: North Korea is an example of a country with a market economy | FALSE - They have a Command Economy. The United States has a market economy |
| 2 Laws of a Market Economy | The law of supply and the law of demand |
| Demand | how much money consumers are willing to spend on a product |
| Supply | the amount of an item that is produced. |
| 4 Factors of Production | land, labor, capital, entrepreneurship |
| labor | the people (human resource) that provide goods and services through their work. |
| Capital Goods | Things we make in order to make other goods or to perform other services. |
| Land | The natural resources that are the starting point for producing goods. Examples are fossil fuels, water, wood, plants, air, soil, oil, and coal. |
Created by:
adasinger
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