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What must business provide to consumers in order to satisfy their wants and needs?
When the government has a budget surplus, they will usually use the money to do what?
The amount of goods and services the average citizen can buy is known as the:
What is the term for tasks that people or machines perform for payment ?
What does a nation have when it spends less than its income?
What type of resource are teachers, coal miners, bank managers, and farm workers?
A decline in the number of new homes being built has caused a decline in the amount of wood being produced from trees. This situation is an example of the:
What are the means to produce goods and services called?
What is the total amount of money a government owes?
What does gross domestic product measure?
What is a shortage of resources called?
The peak of the business cycle is also known as:
In which economic system are resources are privately owned?
Which type of economy is characterized by having some form of private enterprise and a moderate command economy?
When the quantity demanded and the quantity supplied meet, the price is called the:
List the two basic and opposing economic systems that have been developed.
What is the term for the amount of money left over after a business has paid for the cost of producing its goods and services?
What is the term for wants that are widely shared by many people?
List the 5 steps of the decision making process.
What did the stock market crash on October 29, 1929, or Black Tuesday, mark the beginning of?
What is an activity that seeks profit by providing goods or services to others?
What is the term for figures used to measure an economic performance?
When an economy produces more goods than people want, it has to lower prices and cut production. This is also known as:
What is the GDP of the United States?
Choose a category. You will be given the answer. You must give the correct question. Click to begin.
Back to Table of Contents pp Chapter 3 Economic Activity in a Changing World.
Economic Activity in a Changing World Chapter 3 pp
Budgets and Businesses Workshop. Budget: is a plan that shows income, spending and saving. Income: Spending: Saving:
Introduction to Business, Economic Activity in a Changing World Slide 1 of 54 Why It’s Important Economic activity affects everyday life. The history of.
Economic Activity in a Changing World Chapter 3 pp Mr. Manning.
Chapter 2 Economic Resources and Systems Section 2.2 Economic Systems.
The Business Cycle Measuring Economic Activity UNIT 1.04.
Know that Name Factors of What??? MY EconoMY Inflation or Bust.
Chapter 3 Economic Activity in a Changing World. Measuring Economic Activity Economic indicators are figures used to measure economic performance.
Types of Economic Systems Supply and Demand Price.
International Business: Our Global Economy 1. Scarcity – Refers to the limited resources available to satisfy the unlimited needs of people Economics.
Economics 7b The Business Cycle. The Business Cycle: The performance of the American economy changes over time. This is called the business cycle.
Unit A Business in a Changing World Section 1.04 Economic Indicators and the Business Cycle.
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Microeconomics U.S. Macroeconomics.
Chapter 3. 4 Types of Economy in USA 1. Agricultural – during Colonial era, people lived off the land and were primarily farmers 2. Service – also in.
ECONOMICS. Economy Types There are four types of economy in the United States Agricultural Service Industrial Information.
Chapter 2 Economic Activity. Objectives Describe Gross Domestic Product Describe Gross Domestic Product Identify and describe economic measures of labor.
The Canadian Economy Basic Canadian Economic Principles.
Economics Review. Economic Systems Types of Economic Systems Traditional – people produce & distribute goods according to custom Tribes in Africa Command.
Glossary of Key Terms business cycle. A cycle of economic activity with periods called contraction, trough, recovery, and peak. collusion. When companies.
Essential Questions: Which indicators should members of the government look at when making economic policies? Why? How do we know how the economy is doing?
ECONOMICS. WHAT IS ECONOMICS The study of how society chooses to use resources, to produce and distribute goods and services for peoples consumption Isms.
1 Free Enterprise System Consumer Roles in the US & Global Economy.
Chapter 2 Economic Resources and Systems. Economic Resources Making Economic Decisions Scarcity – The inability to satisfy all of everybody’s wants.
Objective 1.02 Understand economic conditions 1 Understand the role of business in the global economy.
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
Law of Demand ~ the amount of a product people will buy at different prices $20 $18 $16 $14 $12 $10 $8 $6 Demand Curve (D)
Chapter 3 Economic Activity in a Changing World Section 3.2 The Business Cycle.
Back to Table of Contents pp Chapter 2 Economic Resources and Systems.
Basic Economics. Economics Definition: The study of how individuals and groups of individuals strive to satisfy their needs and wants by making choices.
US Economy Free Enterprise System. What is an economy? An economy is the resources of a country, state, region, or community and how the resources are.
Economics. Economic Basics Vocabulary: Economics: Study of how people meet their wants and needs Scarcity: Having a limited quantity of resources to meet.
Economics Chapter 13. National Income Accounting The measurement of the national economy’s performance. A measure of the amount of goods and services.
CHAPTER 2 Economic Activity. MEASURING ECONOMIC ACTIVITY Economic growth is the steady increase in the production of goods and services in an economic.
Essential Standard 1.00 Understand the role of business in the global economy. 1.
Intro Ch. 2 Economic Activity. Ch. 2-1 Measuring Economic Activity GDP- Gross Domestic Product- The total dollar value of all goods and services produced.
GREAT DEPRESSION. Great Depression The Great Depression was a time period between 1929 and 1940 in which there was high unemployment and little economic.
Economics Gorfien © Economics The study of how people make things to meet their needs and wants. The study of how people make things to meet their.
Jeopardy Economic Decisions Economic Systems Economic Indicators Business Cycle Supply & Demand Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300.
Jeopardy True/False Economies Terms Q$100 Q$200 Q$300 Q$400 Q$500 Q$100 Q$200 Q$300 Q$400 Q$500 FinalFinal Jeopardy Measure Q$100 Q$200 Q$300 Q$400 Q$500.
Chapter 2 Economic Resources and Systems. Factors of Production Just as individuals have to deal with a shortage of resources, so do societies A society.
BF Business Foundations Chapters 1-6 Review JEOPARDY.
Economic Vocabulary Terms. What is Economics? Social science that seeks to describe the factors which determine the production, distribution and consumption.
THE BUSINESS CYCLE. THROUGHOUT OUR HISTORY GOOD TIMES.
Economic Decisions & Systems Chapter 1. Satisfying Needs & Wants Needs- things that are required in order to live. Can also include: education, safety,
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