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Economics Chapter 3

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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Economics Chapter 3

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  1. Economics Chapter 3

  2. 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

  3. Economic Resources – 100 Economic Resources are also known as what? Factors of Production

  4. Economic Resources - 200 What terms means the difference between wants and needs and available resources scarcity

  5. Economic Resources - 300 Which of the economic resources refers to the people willing to invest their time and money to run a business? Entrepreneurship

  6. 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

  7. Economic Resources - 500 • What are the four categories of resources? • Land, Labor, Capital, and Entrepreneurship

  8. Economic Systems - 100 What are the three BROAD types of economic systems? Market, Traditional and Command

  9. Economic Systems- 200 What are the three types of MIXED economies? Capitalism, Communism and Socialism

  10. Economic Systems - 300 What are the three economic questions? What to produce How to produce it And For whom is it produced

  11. Economic Systems - 400 • Explain the difference between command and market economies. • Command has total government control and marketing has NO government control

  12. Economic Systems - 500 • How is socialism different from capitalism? • Socialism has more government programs and higher taxes

  13. Economic Indicators – 100 • What term means the output per worker hour measured over a defined period of time? • Productivity

  14. Economic Indicators - 200 What is Gross Domestic Product (GDP)? • The output of goods and services produced by labor and property located within a country

  15. 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

  16. Economic Indicators - 400 What are the 5 economic measurements? Labor Productivity, GDP, Standard of Living, Inflation Rate, Unemployment Rate

  17. 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

  18. The Business Cycle - 100 What are the four stages of the business cycle? Expansion, Recession, Depression and Recovery

  19. The Business Cycle - 200 What is a trough? The lowest point in the economy

  20. 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

  21. The Business Cycle - 400 During which stage of the business cycle are people afraid of losing their jobs? Recession

  22. The Business Cycle - 500 How can the government influence business cycles? Policies and programs, taxes, lending rates

  23. Trivia - 100 Define economy The organized way a nation provides for the wants and need of its people

  24. Trivia - 200 When recourses are scarce, what kind of decisions must a country make? Economic decisions

  25. Trivia - 300 What are the three goals of a successful economy? Increase productivity, decrease unemployment, and maintain stable prices

  26. Trivia - 400 • What is included in a country’s infrastructure? • Sewers, highways and phone lines

  27. 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

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