MEAP Economic Review
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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| Demand | is the amount that a person is willing to spend at a particular price
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| Supply | the number of goods or services that manufacturers will sell at a certain price
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| Natural resources | materials that come from nature. Some examples are water, oil, wood, and coal
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| Human resources | people who work to produce goods and services. Examples are farmers, miners, builders, and doctors
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| Capital resources | goods made by people and used to produce goods and services. Examples are machines, tools, and buildings
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| Scarcity | not being able to satisfy all wants simultaneously
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| Investment | the idea that you buy something to help you make money in the future
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| Monopoly | exists when only one seller possesses a good desired by many markets
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| Embargo | the act of not allowing trade ships to enter or leave a country's ports
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| Incentives | things that excite or get people interested or motivated
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| Competition | occurs when more than one business offers the same good or service
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| Free Market | which individuals decide for themselves what to produce and sell
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| Command Economy | An economic system in which the government controls a country's economy
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| Mixed Economy | an economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion
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| Gross Domestic Product (GDP) | the market value of all final goods and services produced within a country in a given period of time
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| Exchange Rates | the rate of exchange of one nation's currency for another nation's currency
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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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