Economics Vocabulary Review - PowerPoint PPT Presentation

Loading...

PPT – Economics Vocabulary Review PowerPoint presentation | free to download - id: 593e20-ODY1N



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Economics Vocabulary Review

Description:

Economics Vocabulary Review The way in which a nation uses its resources to satisfy people s needs and wants. Answer: Economic Systems What are the three economic ... – PowerPoint PPT presentation

Number of Views:22
Avg rating:3.0/5.0
Slides: 24
Provided by: HPAuthoriz1266
Learn more at: http://awtreyms.blogs.com
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Economics Vocabulary Review


1
Economics Vocabulary Review
2
  • The way in which a nation uses its resources to
    satisfy peoples needs and wants.
  • Answer
  • Economic Systems
  • What are the three economic questions
  • What will be produced?
  • How will it be produced?
  • For whom will it be produced?

3
  • A system of government in which culture
    determines how goods are made, bought, and sold.
  • Answer
  • Traditional Economic System
  • Give an example?
  • Families, tribes, and clans have handed down
    traditions from generation to generation.

4
  • An economic system that has features of
    traditional, command, and market systems (limited
    government control).
  • Answer
  • Mixed Economic Systems
  • Example
  • USA (most economies are mixed)

5
  • A system where the government decides what to
    produce, how much to produce, and how the goods
    will be distributed. What is it?
  • Answer
  • Command Economic System
  • Example
  • North Korea Cuba

6
  • An economic system base on individual choices and
    voluntary trade.
  • Answer
  • Market Economic System
  • Example
  • Free Market-people choose to buy and sell what
    they want! PURE COMPETITION

7
  • An economic concept that states that the price
    () of a good rises or falls depending
    on how many people want it and depending on how
    much of the good is available.
  • Answer
  • Supply and demand
  • Give an example of an item that is in high demand
    and low supply?
  • i-phone when it first came out

8
  • What is the economic term called when people want
    more than there is available. Wants exceed gt
    supply (limited)
  • Answer
  • Scarcity

9
Vocabulary 2
  • What is the term that limits the amount of items
    imported (coming in) to a country.
  • Answer
  • Quota

10
  • Money accepted in any form that is accepted as a
    medium of exchange (usually paper money)
  • Answer
  • Currency

11
  • Government uses this idea to limit the trade of
    products between two countries.
  • Answer
  • Trade Barrier

12
  • This is a fee charged (TAX) for goods or services
    brought into a country from another country.
  • Answer
  • Tariff

imported goods
13
  • Price of one country's money in relation to
    another's. This may be fixed (not movable) or
    flexible (movable).
  • Answer
  • Currency Exchange

Dollar
Euro
Pound
Yen
14
  • A type of trade barrier in which the government
    blocks imports exports of certain goods.
    Military force can be used to impose these!
  • Answer
  • Embargo

15
  • What are the three types of trade barriers?
  • Answer
  • Tariff
  • Quota
  • Embargo

Big Three
16
Vocabulary 3
  • The increase in the value of all the goods and
    services a country makes from one year to the
    next.
  • Answer
  • economic growth

17
  • The percentage of a countrys people who can read
    and write at an elementary school level.
  • Answer
  • literacy rate

18
  • Resource such a as factories, machinery, and
    tools that people use to make other goods.
  • Tangible items that help to produce goods and
    help economic growth.
  • Answer
  • Capital (goods)

19
  • Using money to make money. The use of income
    today in a way that allows growth in the future.
  • Answer
  • Investment

20
  • The total value of the goods and services
    produced in a country during a given time period
    (usually a year).
  • Answer
  • Gross domestic product (GDP)

21
  • The knowledge and skills that allow workers to
    produce goods and services and earn an income.
  • Answer
  • human capital

22
  • The raw materials used to support life and make
    goods (land, water, soil, minerals, climate etc.)
    One of the factors of production!
  • Answer
  • Natural Resources

23
  • The business men/women who take risk and bring
    together natural resources, labor, and capital,
    to produce goods and services.
  • Answer
  • Entrepreneur
About PowerShow.com