Economics Understandings To play the game, go to the next slide and click on a 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 International Trade Barriers European Economic Systems Vocabulary GDP and Resources
Team 1Team 2Team 3Team 4 Team 5 Wager board
What type of economy uses customs and habits of the past to decide what and how goods will be produced, distributed, and consumed?
Traditional Economy score board
What type of economy relies on planning groups to make basic economic decisions?
Command Economy score board
In what type of economy do individuals or corporations make economic decisions?
Market Economy score board
What type of economy is not found in Europe?
Traditional Economy scoreboard
Since there is no pure command or market economy, what term is used to refer to these economies?
Mixed Economies score board
Why do people have to exchange currency?
To conduct business with people from other countries score board
What is the currency of Russia?
Ruble score board
What are Russia’s two leading exports of natural resources?
Oil and natural gas score board
What percentage of the people in the United Kingdom work in service jobs?
80 percent score board
What condition helped the United Kingdom become a leader in world trade?
It is home to the world’s busiest airport and has seven other large airports. 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
What results when the GDP of a country is raised?
The standard of living rises. score board
Russia, Germany, and the United Kingdom invested heavily in human capital. What are two items that are considered human capital?
Education and training score board
What are three examples of physical capital?
Factories, machines, technologies, buildings, property score board
What happens to the workforce when a country does not invest in physical capital?
Workers are less productive. score board
What term refers to a voluntary exchange of goods and services?
Trade 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
Why might the European Union put a quota on steel imports from Russia?
Too much imported steel would cause the price of steel in the EU to fall resulting in the closure of steel industries in the EU. score board
What protects businesses and consumers in the United Kingdom and Germany?
Fair and honest courts and good laws score board
How long does it generally take to start a business in Russia?
Months score board
What type of jobs are replacing many manufacturing and mining jobs?
Service jobs score board
What are two industries that are owned by the Russian government?
Shipping, oil and natural gas, aerospace, technology score board
Who and what determines the prices for goods and services in the United Kingdom?
Buyers and sellers based on supply and demand score board
What is the name given to a person or people who provide the money to start and operate a business?
Entrepreneur score board
What term refers to a limited supply of something?
Scarcity score board
What is the term for money people use to make trade easier?
Currency score board
What term is used to describe a time period characterized by business and bank failures and loss of jobs?
Depression score board
What term is used to describe the economic level of a person or country?
Standard of living score board
Make your wager on the scoreboard scoreFinal Question
What are three categories of jobs that are included in the service industry?
Tourism, health care, education, banking, insurance score board