Intro to Economics

The value of a nation's currency in terms of the currency of another nation

What are exports?

Which of these is not an example of a natural resource?

Industries that make things

What type of economy does a communist society have?

The tools, factories, and offices that are used to make goods or services

Where does wealth come from?

Which of these is not one of the 4 types of economies?

If demand is high, what happens to prices?

What kind of economy does the United States have?

What is the act of setting up a business in the hopes of earning a profit?

_________ is a system of money used in a particular country

What is demand?

Examples of _________ could be a waiter at a restaurant, a pilot flying a plane, or an engineer

_________________ is the number of unemployed people as a percentage of the total labor force

What is supply?

Furniture is a _______

When do we have a quiz on this material?

Examples of ________ could be space, water, natural gas, or forests

In a market economy, what are prices determined by?

The bus to school is a ________

________________ are materials or substances that occur in nature and can be used for economic gain

If supply is high, what happens to prices?

Things that people do for others, such as banking, dental care, or legal services

Industries that sell services

Macroeconomics

Which type of resource will replenish itself?

In a market economy, companies decide what to make and sell it for based on __________

Skills, knowledge, and experience possessed by an individual or a population, in terms of their value or cost to an org

What is an example of physical capital?

What grade are you going to get on this quiz?

Microeconomics

Literacy rate is the percentage of a population aged _____ years and older than can read and write

Level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area

If demand is low, what happens to prices?

Who has the power in a mixed economy?

What is economics?

Is selling goods to other countries good or bad for a country's economy?

What are imports?

What is gross domestic product?

How can you get a 4 on the quiz?

What part of society creates wealth?

How many major factors of production are there?

What is the process of creating goods and services?

Material items and products that are ready for purchase, such as produce, clothing, or vehicles

What does a traditional economy rely on?

Which type of resource will deplete over time?

In which type of economy does the government decide what companies should make and what it should cost?

All the companies producing a particular kind of product or service are grouped together in an ___________

Where do companies get their money?

What is a traditional economy based on?

Producers and consumers in an industry form ___________

Any natural resource used to produce goods and services

What is an example of human capital?

Groceries are a ________

Where do most consumers get their money?

Does every country's economy work the same?

A country's GDP in a year divided by the country's population is _________

The effort that people contribute to the production of goods and services

School supplies are a ________

If supply is low, what happens to prices?

How many types of economies are there?

How do companies obtain land, labor, and capital?

In a __________ economy, companies decide what to make and how much to sell it for

Examples of _________ could be hammers, delivery vans, or computer

Going to the dentist is a _______

What happens when the demand for a resource is greater than the supply of that resource?

Is money counted as a factor of production?

Human-made objects that a company buys or invests in and uses to produce goods and services are __________

What happens when the supply of a resource is greater than the demand for that resource?