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 Economy International Trade Capital Investments Personal Finance Trade Barriers
Team 1Team 2Team 3Team 4 Team 5 Wager board
What type of economy uses customs and habits of the past to decide how economic decisions will be made?
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 economic decisions?
Command Economy score board
What problem can occur with a command economy?
Shortages of goods may occur if the government cannot predict what the people need. scoreboard
What is another name for a market economy?
Free enterprise, capitalism, or laissez-faire score board
Who owns the businesses in Canada?
Private citizens and corporations score board
Who decides the prices for goods and services in Canada?
Buyers and sellers score board
What economic factor determines the price for goods and services?
Supply and demand score board
How does Canada protect the property rights of its people?
Through its laws and court system score board
How does the ability of individuals to start a business differ in Canada from that in Cuba?
It is relatively easy to start a business in Canada, but very little private business is permitted in Cuba. score board
What type of trade barrier involves a government order to stop trade with another country?
Embargo 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 adding a special tax on goods brought into a country?
Tariff score board
What is one way trade barriers can impact a country positively?
By providing products at lower prices, by increasing the standard of living score board
What trade barrier was removed from member nations by NAFTA?
Tariff score board
What is the purpose of NAFTA?
To create a large free trade zone score board
What countries are members of NAFTA?
Canada, Mexico, United States score board
What is the currency of Canada?
Canadian dollar score board
What problem did opponents of NAFTA believe would happen?
Loss of jobs score board
What term is used to describe the price of one nation’s currency in terms of another nation’s currency?
Exchange rate score board
What are two examples of human capital?
Education, skills, training score board
What is the GDP (Gross Domestic Product)?
The total value of all the goods and services produced in a country in one year score board
Factories, machines and property are examples of what type of capital?
Physical Capital score board
How do investments in capital benefit a company?
It results in a highly trained workforce and up to date workplaces and equipment. score board
How does investment in capital by companies help a country increase its GDP?
The company can produce more goods at a better price and increase the profits it makes. score board
What is the name given to a spending and saving plan?
Budget score board
What is credit?
The ability to borrow money score board
What is the advantage of a savings account over a checking account?
A savings account pays a higher rate of interest. score board
What is the term that refers to putting money aside now to receive greater benefits in the future?
Investment score board
What is the best time to borrow money?
When interest rates are low score board
Make your wager on the scoreboard scoreFinal Question
What are three examples of investments?
Bank accounts, certificates of deposit, stocks, bonds, mutual funds, real estate score board