economics chapter 3
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Economics Chapter 3. The Business Cycle. Economic Resources. Economic Systems. Economic Indicators. Trivia. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500. 500. 500. 500. 500. Economic Resources – 100. - PowerPoint PPT PresentationTRANSCRIPT
Economics Chapter 3
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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