Economic
Resources
Economic
Systems
Economic
Indicators
The
Business
Cycle
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