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Unit 3 Economics
Auriemma Economic
| Question | Answer |
|---|---|
| Entrepreneur | individual who starts a new business, introduces a new product, and improves a managerment technique |
| Why is scarcity and choice a problem of economics? | They require producers and consumers to make choices in what, how and how many items to produce or purchase. |
| What is the difference between a need and a want? | A need is required for survival and a want is something you desire |
| What are the 3 basic questions of economics? | What to produce? How will we produce it? How will we distribute it? |
| Scarcity | not enough resources to produce what we need |
| Macroeconomics | Decision making by the government, whole industries or society |
| Microeconomics | Explains how individual decisions are made |
| Entrepreneur | individual who starts a new business, introduces a new product, and improves a managerment technique |
| regulate | to control or govern |
| currency | both coins and paper money |
| exchange rate | the price of one nation's currency in termsof another nation's currency |
| standard of living | the material well-being of an individual, group, or nation measuered by how well their neccessities and luxuries are satisfied |
| gross domestic product | total dollar value of all final goods and services produced in a country during a single year |
| central bank | an institution that lends money to other banks; also, the place where the government does its banking business |
| budget | a plan for making and spending money |
| commercial bank | a financial institution that offers full banking services to individuals and businesses |
| debt | money borrowed and not yet paid back |
| deficit | situation in which government spends more than it collects in revenues |
| consumer | someone who buys a good or service |
| democracy | a government in which citizens hold power to rule |
| credit | money borrowed to pay for a good or service |
| demand | the desire, willingness, and ability to buy a good or service |
| economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
| competition | the struggle that goes on between buyers and sellers to get the best products at the lowest prices |
| economic system | nation's way of producing things its people want and need |
| budget | a plan for making and spending money |
| market economy | system in which individuals own the factors of production and make economic decisions through free interaction |
| mixed economy | system combing characteristics of more than one type of economy |
| supply | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period |
| profit | the money a business receives for its products or services over and above its costs |
| incentive | reward offered to try to persuade people to take certain economic actions |
| Trade-off | alternative you face if you decide to do one thing rather than another |
| Opportunity Cost | The cost of the next best use of your time or money when you choose one thing rather than another |
| Factors of production | resources necessary to produce goods and services, they include natural resources, labor and capital |
| labor | humans working to produce goods and services |
| natural resources | land, water, fish, animals, forest, minerals |
| capital | manufactured goods used to make other goods (machines, buildings and tools used to make goods) |
| Capitalism | An economic system in which private citizens own and use factors of production to seek a profit |
| Free Enterprise | Competition between companies with little government interference |
| balance | amount of money you have left over after you subract all of your expenses from your income |
| What are the 3 basic questions about economics? | What to produce, how to produce it, how to distribute it? |
| What runs the American economic system? | Currency or the dollar |
| Why is scarcity and choice a problem of economics? | It requires producers and consumers to make choices in what, how and how many items to produce or purchase. Scarcity forces us to make choices. |
| What does the quote "Necessity is the mother of invention" mean? | When we need something bad enough we will find a way to make it |
| What are the three factors of production | natural resources, labor and capital |
| disposable income | The money we have left after taxes to pay for our necessities |
| discretionary income | The money we have left after we buy our necessities to pay for our luxury items |
| What is the BBB? | The Better Business Bureau, they protect us from dishonest business practices |
| What are the five rights under the consumer bill of rights? | The right to a safe product, the right to be informed, the right to choose, the right to be heard, and the right to redress |
| What are consumer responsibilities? | gathering information, using advertising carefully, decide where to buy the product, compare brand name and generic and balance the cost and benefits of buying a product used or on-line |
| What does the quote "Necessity is the mother of invention" mean? | When we need something bad enough we will find a way to make it |
| What are the three factors of production | natural resources, labor and capital |
| disposable income | The money we have left after taxes to pay for our necessities |
| discretionary income | The money we have left after we buy our necessities to pay for our luxury items |
| What is the BBB | The Better Business Bureau, they protect us from dishonest business practices |
| What are the five rights under the consumer bill of rights? | The right to a safe product, the right to be informed, the right to choose, the right to be heard, and the right to redress |
| What are consumer responsibilities? | gathering information, using advertising carefully, decide where to buy the product, compare brand name and generic and balance the cost and benefits of buying a product used or on-line |
| What three questions should you ask yourself before purchasing something? | Do I need it? Should I wait until it is on sale? Did you consider the trade-offs? |
| What are the steps to making a budget? | List everything you spend, record what you earn, analyze what you wrote down, have a surplus for emergencies, and monitor your spending |
| Trade-off or Opportunity cost? Increasing the number of seats at a football game and decreasing the amount of parking spaces. | Trade off |
| Helping your neighbor by feeding their cat Trade-off or Opportunity cost? | Opportunity cost |
| Spending your birthday money on an ipad Trade-off or Opportunity cost? | Opportunity cost |
| Choosing between going to gradmas, going to your aunts and spending the day at home Trade-off or Opportunity cost? | Trade off |
| Volunteering at SOCKS and bring a can of cat food with you Trade-off or Opportunity cost? | Opportunity cost |
| Giving your friend your only pencil and now you cannot do your homework. Trade-off or Opportunity cost? | Trade off |
| Trade-off or Opportunity cost? Reading a book instead of doing your class work? | trade off |
| macro or micro? Going to the dance. | Microeconomics |
| macro or micro? 60% of Americans buying a pine tree in December. | macroeconomics |
| macro or micro? The cost of a proposed health care system | Macroeconomics |
| Choosing crest toothpaste macro or micro? | microeconomics |
| Trade-off or Opportunity cost? Reading a book instead of doing your class work? | trade off |
| macro or micro? Going to the dance. | Microeconomics |
| Name the factor of production oil | natural resource |
| Name the factor of production soil | natural resource |
| macro or micro? 60% of Americans buying a pine tree in December. | macroeconomics |
| Name the factor of production insurance man | labor |
| macro or micro? The cost of a proposed health care system | Macroeconomics |
| Choosing crest toothpaste macro or micro? | microeconomics |
| Name the factor of production of a push lawnmower | capital |
| macro or micro? Chevy trucks are now lighter in weight and use less steel | Macroeconomics |
| macro or micro? Deciding what to buy your mom for valentines day | microeconomics |
| Name the factor of production oil | natural resource |
| Name the factor of production soil | natural resource |
| Name the factor of production insurance man | labor |
| Name the factor of productionctor of production chain saw | capital |
| Name the factor of productionf a push lawnmower | capital |
| Name the factor of production wind | natural resource |
| Name the factor of production store clerk | labor |
| Trade-off or Opportunity cost? Reading a book instead of doing your class work? | trade off |
| macro or micro? Going to the dance. | Microeconomics |
| macro or micro? 60% of Americans buying a pine tree in December. | microeconomics |
| macro or micro? The cost of a proposed health care system | Macroeconomics |
| Choosing crest toothpaste macro or micro? | microeconomics |
| macro or micro? Chevy trucks are now lighter in weight and use less steel | Macroeconomics |
| macro or micro? Deciding what to buy your mom for valentines day | microeconomics |
| Name the factor of production oil | natural resource |
| Name the factor of production soil | natural resource |
| Name the factor of production insurance man | labor |
| Name the factor of productionctor of production chain saw | capital |
| Name the factor of productionf a push lawnmower | capital |
| Name the factor of production wind | natural resource |
| Name the factor of production store clerk | labor |
| What forces people to make economic choices? | scarcity of resources |
| The income that you give up when you quit your job to become a stay at home mom is a | trade off |
| Choosing to buy a pair of shoes instead of a pair of jeans is | opportunity cost |
| Why did Senator Talen and Senator Kerry debate ANWR in Alaska? | They had different view points about drilling for oil. |
| What was the civil suit over in Hazelwood School District v. Kuhlmeir? | The principal edited two pages of the school newspaper |
| Which amendment did the student believe was violated in the Hazelwood School District v. Kuhlmeir case? | 1st Amendment freedom of speach |
| Why did the Supreme Court Rule against the students? | Students do not have the same rights as adults. Schools need to set high standards for speach. |
| What keeps prices low in stores? | Competition |
| How did Dave Thomas Change Fast Food? | He wanted fresh items made to order and he created the pick up window |
| How did Oprah change the entertainment industry? | She was the first African American talk show host to be syndicated, She was the first female African American to own her own production company, she owned her own talk show and now owns her own network OWN |
| How did Steve Jobs change technology? | He was co-creator of Apple, he improved technology to create the iPhone, iPad, and many others. |
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jauriemma
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