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Economics Voc 2010

scarcity inadequate supply of resources - not enough
goods items or things that we use that someone else produces
services a job done for someone else
economy management of producing, distributing and consuming wealth and resources
natural resources found occurring in nature
market where goods are sold or traded
capital resources goods like computers, machines, tractors, etc. used to make other products or provide a service
wages the amount of money or salary that is paid to an individual
consumer one who uses goods and services (like us)
labor resource people who work
mental labor resource person that uses mind over strength
physical labor resource person that uses strength or physically works on their job
economic system system of organizing wealth and resources
traditional economy decisions are made on the past or customs
command economy decisions are made by the government
market economy decisions are made by the citizens
productive resources natural resources, labor (physical or mental) resources and capital resources
renewable resources can be replenished through nature
non-renewable resource cannot be replenished by nature
market economy's other names capitalism, laissez-faire, free market system
If someone faces "scarcity" what does that mean? not having enough of something
Which of the following would be a capital resource: machines, cat, cookie, teacher machines
In a free market, will prices ever change and why? yes, prices will always change because of the supply and demand of the consumers
What are the three basic economic questions? For whom to produce? How to produce? What to produce?
Name the three productive resources. labor, capital and natural
All of the following are services EXCEPT: teacher, plumber, bag of Halloween candy, doctor bag of Hallowwen candy
Which economic system is found in Africa? traditional
Which economic system is able to change prices because of demands? market
Which economic system is the government in power? command
Which economic system is based on supply and demand? market
Which economic system has a gap between the rich and the poor? market
Which economic system does not have much diversity because of the customs? traditional
true or false: every country needs an ecomonic system true
true or false: resources are scarce true
true or false: resources are not evenly distributed true
true or false: a teacher is a mental resource true
A basketball player is what type of resource? physical
A computer is what type of resource? capital
What is it called when two or more economies merge together? mixed economy
Which economy promotes quality products? market
Which economy does not have any incentive to make quality products? command
Which economy allows people to celebrate Thanksgiving? market
True or False: Resources are plentiful false
Resources are scarce and not evenly distributed true
True or False: A dog is a consumer false
True or False: A teacher is a consumer true
True or False: Gasoline is durable false
True or False: A skatedboard is non-durable false
True or False: A t-shirt is durable true
True or False: Kleenex is durable false
True or False: A bus ticket is non-durable true
True or False: Ms. Sarria's ceramic coffee cup is non-durable false
What type of resource is a tree? renewable
What type of resource is a rabbit? renewable
What type of resource is a jet fighter plane? capital
What type of resource is a cell phone? capital
Which is non-renewable? cotton or coal coal
Which is non-renewable? diamonds or water diamonds
Which is durable? eraser or shoes shoes
Which is durable? jet ski or peanuts jet ski
Which sector of industry deals with raw materials? primary
Which level of industry does research? quaternary
Which level of industry might clean fish to package? secondary
Which section of industry would look to make products improved? quaternary
Which section of indusrty would harvest wheat? primary
Which level of industry would sell cars at a dealershop? tertiary
Which sector of industry would come up with ideas for a "smart" car? quaternary
Which industry section would have skilled researchers? quaternary
Which section of industry takes natural resources and turns them into products? secondary
Which sector of industry would transport gasoline to a station to sell? tertiary
Created by: jennifersarria