Jeopardy Trade Terms Productive Resources Key Econ Terms Extras Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Econ Part 1

$100 Government decides what you can make and how much you will sell it for.

$100 What is Command Economy?

$200 Free! Business owner decides what he/she will make and how much it will sell for

$200 What is Market Economy?

$300 All three economic systems; Traditional, Command & Market are known as…

$300 What is a Mixed Economy?

$400 system in which social roles and culture determines how goods are made, sold and bought

$400 What is a Traditional Economy?

$500 The U.K, Russia, Germany and the U.S all have this type of economy

$500 What is a Mixed Economy?

$100 Limit on the amount of something that may be imported during a period of time.

$100 What is a Quota ?

$200 Tax charged for goods or services brought into a state or country.

$200 What is Tariff?

$300 Gov’t. places restrictions of imports & exports of goods. Often backed by a military.

$300 Who is an Embargo?

$400 Gov’t. limits free trade between countries. Can also be a physical feature (ex. Mountains) or climate (ex. Hurricane)..

$400 What is a Trade Barrier?

$500 Exchange of goods and services between Countries around the world

$500 What is International Trade?

$100 Raw materials used to make goods

$100 What are Natural Resources?

$200 someone who brings together labor, land and capital goods to produce goods and services.

$200 What is an Entrepreneur?

$300 This is smart & skilled workers who are more productive

$300 What is Human Capital ?

$400 These are resources such as factories, machines, & tools people use to make goods

$400 What are Capital Goods?

$500 All of the following are questions a nation must answer to build an economy EXCEPT: 1 what to produce 2. who is going to produce it 3. how to produce 4. for whom to produce

$500 What is #2 Who is going to produce it?

$100 The percentage % of people who can read in a certain country.

$100 What is Literacy Rate?

$200 The price of a good rises and falls depending on how many people want it and how much is available.

$200 What is Supply and Demand?

$300 Total value of goods and services produced in a country during a period of time.

$300 What is Gross Domestic Product (GDP)?

$400 Conflict between what people want and what resources are available. (ex. We may all want a new I-phone six, but there isn’t enough metals available to make 35 of them)

$400 What is Scarcity?

$500 Using your income today in a way that invests in growth in the future.

$500 What is Investment?

$100 Money from different countries is bought and sold for a price.

$100 What is Currency Exchange?

$200 Increase in value of all goods and services a country makes from 1 year to another.

$200 What is Economic Growth?

$300 Goods traded or sold to other countries

$300 What are Exports ?

$400 Goods brought into country from another country.

$400 What are Imports?

$500 Being a member of the European Union provides all EXCEPT: 1. one common currency 2. more human capital for your country 3. more trade partners 4. more economic and financial stability

$500 What is more Human Capital For your country?

Final Jeopardy Private businesses are part of command economies? 1. TRUE 2. FALSE

Final Jeopardy Answer 2. FALSE