Presentation on theme: "Hosted by Mrs. Lockhart. 500 100 200 300 400 200 300 400 500 100 200 300 400 100 Factors of Production GDP Name that System Trade Vocab Wild Card 100."— Presentation transcript:
Q: 300 A country that does not invest in human capital will face problems because a) there will be no money to pay its workers. b) workers will develop skills on their own c) businesses will not pay the taxes to pay for good schools. d) workers who are not educated, skilled, and healthy are less productive.
A: 300 d) workers who are not educated, skilled, and healthy are less productive
Q: 400 Give an example of each factor of production
Natural Resource- oil, water, vegetables, etc. Capital Resource- building, factory, computer, etc. Human Capital- skills, education, healthcare, talents Entreprenuer- business owner A:400
Q:500 Which is a way that entrepreneurs help increase the Gross Domestic Product (GDP) of a country? a) by writings laws to protect personal property b) by closing businesses that are making too much money c) by creating businesses that give people jobs. d) by working to decrease the amount of goods and services sold in a country.
A:500 c) by creating businesses that give people jobs.
Q:200 True or False A country’s overall GDP is the best measure to determine a country’s standard of living
A: 200 False The GDP per capita is the best measure of standard of living
Q: 300 Explain why a country with a large GDP could have a low GDP per capita
A: 300 The overall GDP is the total amount of goods and services produced in a country where the GDP per capita is the total amount divided by the population. Therefore, a country could have a high overall GDP, but a low GDP per capita if that country has a high population.
Q: 400 How does a country’s literacy impact the country’s GDP?
A: 400 If a country’s literacy rate is low, generally the GDP will be low. (The literacy rate indicates the percentage of the population that cannot read or write. Therefore, if a country has a low literacy rate, it indicates that the country is lacking an investment in human capital) If a country’s literacy rate increases, the GDP will increase.
Q: 500 Explain how the factors of production influence a country’s GDP and standard of living
A: 500 By investing in human capital and capital resources a country can produce more goods and services efficiently, thereby increasing the GDP and standard of living An abundance of natural resources will also increase the standard of living because the country has more resources to use within their own borders or to trade with other countries
Q: 100 In a __________economy, everything is done the way it has always been done. It’s all about the family and the customs and traditions that the family practices. There is very little change.
Q: 500 Explain why all countries have a mixed economy
A: 500 Every country has aspects of a command economy and a market economy because in a pure market economy there would be no government ownership or regulations at all. In a pure command there would be zero economic freedom. Therefore, every country lies somewhere on the economic continuum usually closer to one system than another.
Q:100 A government order that stops trade with another country to put pressure on the government of the other country is called an ___________
A: 400 The level of comfort enjoyed by a person or society, quality of life
Q: 500 Explain the concept of supply and demand
A: 500 In a market economy prices are set according to supply and demand High supply + low demand = decrease in price Low supply + high demand = increase in price Low supply + low demand = price stays same High supply + high demand = price stays same
Q: 100 Cuba: mixed command as the United States:_________