OTB CH 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economic Decision Making | Process of choosing which wants, among several options will be satisfied
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| Producers | Individuals and organizations that determine what products and services will be available for sale
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| Needs | Things that are required in order to live
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| Economic Resources | Means through which goods and services are produces
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| Scarcity | Not having enough resources to satisfy every need
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| Consumer | Person who buys and uses goods and servieces
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| Goods | Things you can see and touch
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| Wants | Things that add comfort and pleasure to your life (You can live without them)
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| Services | activities that are consumed at the same time they are produced (something that is done for you)
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| Business Cycle | The movement of an economy from on condition to another and back again
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| Gross Domestic Product | The total value of all final goods and services in a country in one year
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| Budget Surplus | Government spends less than it takes in
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| Depression | A phase in the economic cycle marked by long periods of high unemployment, weak consumer sales, and business failure.
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| Bond | Represents debt in an organzation
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| Personal Income | Salaries and wages as well as investment income and government payment to individuals
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| Capitalism | Private ownership of resources by individuals rather than by the government,
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| Traditional Economy | A system in which goods and services are produced the way it has always been done.
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| Mixed Economy | A system in which elements of a command and market economy is mixed
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| Demand | Quantity of a good or service that consumers are willing and able to buy at a particular price.
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| Market Price | The point where supply and demand are equal
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Bella_Davenport
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