Presentation on theme: "Economics Understandings To play the game, go to the next slide and click on an point value to go to a question. To go to final Wrap-Up click on Final."— Presentation transcript:
Economics Understandings To play the game, go to the next slide and click on an point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
Types of Economies National Economies International Trade Capital Investments Vocabulary Trade Barriers
Team 1Team 2Team 3Team 4 Team 5 Wager board
What type of economy uses customs and habits of the past to make economic decisions?
Traditional Economy score board
In what type of economy do individuals or corporations make economic decisions?
Market Economy score board
What type of economy relies on planning groups to make basic economic decisions?
Command Economy score board
What type of economy does Cuba have?
Command Economy scoreboard
What type of economy does Mexico have?
Market Economy score board
In Cuba, who decides how goods and services will be produced?
The government score board
In Brazil, who decides the prices for goods and services?
Buyers and sellers based on supply and demand score board
In which Latin American country do individuals or corporations have the most difficulty starting private businesses?
Cuba score board
What type of businesses are owned by the government in Brazil?
Larger industries, e.g., steel score board
Why is there a problem protecting property rights in Brazil?
The country has a poor court system. score board
What type of trade barrier results in taxes on imports?
Tariff score board
What type of trade barrier results in limits placed on the number of imports that can enter a country?
Quota score board
What type of trade barrier involves a government order to stop trade with another country?
Embargo score board
What term refers to the voluntary exchange of goods and services?
Trade score board
Why did the United States put an embargo on Cuba?
To force the country to give up communism score board
What is the purpose of NAFTA?
To create a large free trade zone score board
What is the term for money that people use in a given country?
Currency score board
What is the currency of Mexico?
Peso score board
What is the currency of Brazil?
Real score board
Why do people exchange currency?
To buy and sell goods and services with foreign countries score board
What are two examples of human capital?
Education, skills, training score board
Why is it important for a country to invest in human capital?
Countries experience more economic growth when workers are well trained. score board
The total value of all the goods and services produced in a country in one year. score board
What happens when a company invests in technology?
It can produce more at a lower cost. score board
What term describes the difference between income and expenses?
Profit score board
What term is used to describe a production method in which each worker specializes in making one part of a product?
Division of labor score board
What is the name of a person who risks money and resources to start a business?
Entrepreneur score board
What term is used to describe costs that are related to a business?
Expenses score board
What term is used to describe a condition in which the supply of a product is limited?
Scarcity score board
Make your wager on the scoreboard scoreFinal Question
What are the three basic economic questions?
What goods and services will be produced? What goods and services will be produced? How will goods and services be produced? How will goods and services be produced? Who will consume the goods and services? Who will consume the goods and services? score board