POB 1.01-1.03
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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| a country’s total dollar value of all final goods and services produced in one year. | Gross Domestic Product
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| Whole or Entire | Gross
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| Within a country's borders | Domestic
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| Good/Service | Product
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| GDP/Total Population | GDP Per Capita
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| Things we wish we could have | Wants
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| Things we must have for survival | Needs
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| Physical Product | Goods
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| Tasks performed by a business | Services
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| What you give up when you choose one thing over another | Opportunity Cost
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| Raw materials from the Earth | Natural Resources
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| People who contribute to a business | Human Resources
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| Tools, Equipment, Buildings | Capital Resources
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| A combination of all the different types of resources | Entrepreneurial Resources
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| Economic system where choices are based on individuals/businesses (free market/enterprise system) | Capitalism
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| Economic system where decisions are made by government | Communism
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| Economic system where the government owns major industries and private ownership of other businesses | Socialism
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| The quantity of goods or services that consumers are willing and able to buy | Demand
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| The quantity of goods or services that businesses are willing and able to provide | Supply
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| The point where supply and demand are equal | Market Price
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| Same as Market Price | Equilibrium
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| Making, buying, and selling of goods and service within a country | Domestic Business
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| Quantity of a good an average worker produces in an hour | Productivity
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| Foreign or world trade | International Business
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| A country can produce a good/service at a lower cost than other countries | Absolute Advantage
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| A country specializes in the production of a good/service at which it is relatively more efficient | Comparative Advantage
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| Difference between a country’s total exports and total imports | Balance of Trade
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| The difference between the amount of money that comes into a country and the amount that goes out of it | Balance of Payments
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| Where banks buy and sell different currencies | Foreign Exchange Market
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| Proportion of labor force that is without paid work | Unemployment
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| Govt. bans import/export of specific goods | Embargo
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| Limit on the quantity of good that may be imported or exported within a given period to regulate international trade | Quota
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| Taxes on certain imported products which increases prices to protect the supply of goods | Tariff
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| Removes trade barriers (NAFTA) | Free Trade Agreement
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| Allowing a business the rights to use another company’s name or process | Franchising
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| Selling the right to a company to use some intangible property for a fee or royalty | Licensing
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| Two or more companies agree to share a business project | Joint Venture
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| Gives Economic aid to developing countries | World Bank
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| Settles trade disputes and enforces free trade agreements | World Trade Organization
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| High Unemployment, Weak sales, Business Failures | Depression
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| Unemployment Decreases, Demand Increases, New Businesses Come Around | Recovery
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| Low Unemployment, Production High, More Income | Prosperity
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| Demand decreases, Production Low, Unemployment Rises | Recession
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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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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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Created by:
melinda.fornes
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