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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.
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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 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 produce How to produce it And For 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