economics chapter 3

Economics Chapter 3

100 100 100 100 100

200 200200200200

300 300 300 300 300

400 400 400 400 400

500 500 500 500 500

Economic Resources

Economic Systems

Economic Indicators

The Business

CycleTrivia

Economic Resources – 100

Economic Resources are also known as what?

Factors of Production

Economic Resources - 200

What terms means the difference between wants and needs and available

resources

scarcity

Economic Resources - 300

Which of the economic resources refers to the people willing to

invest their time and money to run a business?

Entrepreneurship

Economic Resources - 400

Which of the economic resources includes the money to start up a business and the goods used in

the production process?

Capital

Economic Resources - 500

What are the four categories of resources?

Land, Labor, Capital, and Entrepreneurship

Economic Systems - 100

What are the three BROAD types of economic systems?

Market, Traditional and Command

Economic Systems - 200

What are the three types of MIXED economies?

Capitalism, Communism and Socialism

Economic Systems - 300

What are the three economic questions?

What to produceHow to produce it

AndFor whom is it produced

Economic Systems - 400

Explain the difference between command and market economies.

Command has total government control and marketing has NO

government control

Economic Systems - 500

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 - 200

What is Gross Domestic Product (GDP)?

The output of goods and services produced by labor and property located within

a country

Economic Indicators - 300

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 - 400

What are the 5 economic measurements?

Labor Productivity, GDP, Standard of Living, Inflation Rate, Unemployment Rate

Economic Indicators - 500

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 - 100

What are the four stages of the business cycle?

Expansion, Recession, Depression and Recovery

The Business Cycle - 200

What is a trough?

The lowest point in the economy

The Business Cycle - 300

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 - 400

During which stage of the business cycle are people afraid of losing their jobs?

Recession

The Business Cycle - 500

How can the government influence business cycles?

Policies and programs, taxes, lending rates

Trivia - 100

Define economy

The organized way a nation provides for the wants and

need of its people

Trivia - 200

When recourses are scarce, what kind of decisions must

a country make?

Economic decisions

Trivia - 300

What are the three goals of a successful economy?

Increase productivity, decrease unemployment, and maintain

stable prices

Trivia - 400

What is included in a country’s infrastructure?

Sewers, highways and phone lines

Trivia - 500

What is it called when a government sells state owned assets to private individuals in

order to raise money for its operations?

privatization