Post on 17-Jan-2016
Jeopardy
Trade Terms
ProductiveResources
Key EconTerms Extras
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Q $500 Q $500 Q $500 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 produce2. who is going to produce it3. how to produce4. 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 currency2. more human capital for your country3. more trade partners4. more economic and financial stability
$500
What is more Human CapitalFor your country?
Final Jeopardy
Private businesses are part of command economies?
1. TRUE2. FALSE
Final Jeopardy Answer
2. FALSE