Economic Resources Economic Systems Economic Indicators The Business Cycle Trivia

Economic Resources – 100 Economic Resources are also known as what? Factors of Production

Economic Resources What terms means the difference between wants and needs and available resources scarcity

Economic Resources Which of the economic resources refers to the people willing to invest their time and money to run a business? Entrepreneurship

Economic Resources Which of the economic resources includes the money to start up a business and the goods used in the production process? Capital

Economic Resources What are the four categories of resources? Land, Labor, Capital, and Entrepreneurship

Economic Systems What are the three BROAD types of economic systems? Market, Traditional and Command

Economic Systems What are the three types of MIXED economies? Capitalism, Communism and Socialism

Economic Systems What are the three economic questions? What to produce How to produce it And For whom is it produced

Economic Systems Explain the difference between command and market economies. Command has total government control and marketing has NO government control

Economic Systems How is socialism different from capitalism? Socialism has more government programs and higher taxes

Economic Indicators – 100 What term means the output per worker hour measured over a defined period of time? Productivity

Economic Indicators What is Gross Domestic Product (GDP)? The output of goods and services produced by labor and property located within a country

Economic Indicators Explain the difference between the GDP and the GNP GNP includes all things that are sold inside a country and by their businesses abroad

Economic Indicators What are the 5 economic measurements? Labor Productivity, GDP, Standard of Living, Inflation Rate, Unemployment Rate

Economic Indicators What makes up the GDP for a country? Private investment, government spending, personal spending, net exports of goods and services, and change in business inventories

The Business Cycle What are the four stages of the business cycle? Expansion, Recession, Depression and Recovery

The Business Cycle What is a trough? The lowest point in the economy

The Business Cycle What does the peak of the business cycle indicate. The cycle has reached its highest point and is now moving into the next stage of the cycle, recession

The Business Cycle During which stage of the business cycle are people afraid of losing their jobs? Recession

The Business Cycle How can the government influence business cycles? Policies and programs, taxes, lending rates

Trivia Define economy The organized way a nation provides for the wants and need of its people

Trivia When recourses are scarce, what kind of decisions must a country make? Economic decisions

Trivia What are the three goals of a successful economy? Increase productivity, decrease unemployment, and maintain stable prices

Trivia What is included in a country’s infrastructure? Sewers, highways and phone lines

Trivia What is it called when a government sells state owned assets to private individuals in order to raise money for its operations? privatization