Chapter 3: Political & Economic Analysis
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| organized way a nation provides for the needs and wants of its people | economy
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| all things used in producing goods and services | resources
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| land, labor, capital, entrepreneurship | factors of production
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| physical development of a country | infrastructure
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| skills of people willing to invest time & money to run a business | entrepreneurship
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| not enough; difference between needs & wants and available resources | scarcity
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| traditions & rituals decide what, how, & for whom things will be produced | traditional economy
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| no government is involved in economic decisions | market economy
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| governement decides what, when, how much will be produced & distributed | command economy
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| everything contained in earth or found in seas | land
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| all people who work | labor
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| money, factories, buildings, tools, raw materials, goods used in production process | capital
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| output per worker hour measured over a period of time | productivity
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| output of goods & services produced in a country in a year | GDP (Gross Domestic Product)
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| total dollar value of goods & services produced by a nation at home or away | GNP (Gross National Product)
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| rising prices | inflation
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| measures the change in consumer price over a period of time | CPI (Consumer Price Index)
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| measures wholesale levels in the economy | PPI (Producer Price Index)
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| recurring changes in economic activity (expansion, recession, depression, recovery) | business cycle
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| period of prosperity and growth | expansion
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| period of economic slow-down that lasts at least 6 months | recession
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| long period of recession (high unemployment, businesses close, customers don't buy, production drops) | depression
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| period of renewed economic growth following a recession or depression | recovery
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| What, How, For Whom? | 3 basic economic questions
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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