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WW: Unit 5
Who's Who Review: Unit 5
| Question | Answer |
|---|---|
| I am the amount of money exchanged for a good or service. What am I? | Price |
| I am the inability to satisfy all wants at the same time. I occur because resources are limited and force individuals and business to make choices. What am I? | Scarcity |
| I am a person who takes a risk to produce goods and services in search of profit. Who am I? | Entrepreneur |
| I occur when a company controls all production of a good or service. The government enforces anti-trust legislation to prevent me. What am I? | Monopoly |
| I am the combining of resources to make goods or services. What am I? | Production |
| I am anything that is generally accepted as a method of payment. Examples include beads, shells, and coins. What am I? | Currency (Money) |
| We are things that incite or motive a change in economic behavior. Examples include BOGO, coupons, and sales. What are we? | Incentives |
| We are the factors of production that are used in the production of goods and services. What are we? | Resources |
| We are the four types of resources used to make goods and services. What are we? | Natural, Human, Capital, and Entrepreneurial |
| I am the amount of a good or service that CONSUMERS are willing and able to BUY at a certain price. What am I? | Demand |
| Our interaction determines the price of a good or service. What are we? | Supply and Demand |
| I am the rise in the cost of goods and services. The FED tries to keep me low. What am I? | Inflation |
| I am the worldwide markets in which the buying and selling of goods and services by all nations takes place. What am I? | Global Economy |
| I am a system of producing, consuming, and distribution of goods and services. What am I? | Economy |
| I am the using of goods and services. What am I? | Consumption |
| I am the selecting of an item or action from a set of possible alternatives. What am I? | Choice |
| I am the amount of a good or service that PRODUCERS are willing and able to SELL at a certain price. What am I? | Supply |
| I am what is given up when a choice is made. I am the highest valued alternative forgone. What am I? | Opportunity Cost |
| I am the key factor in determining what type of economy a country has. What am I? | Level of government involvement |
| I am a type of economy. In my economy economic decisions are based on custom and historical precedent. People often perform the same work as their parents and grandparents, regardless of ability or potential. What am I? | Traditional Economy |
| I am a type of economy. I am characterized by private ownership of property and resources, profit motive, competition, consumer sovereignty, and lots of individual choice. There is little government involvement. What am I? | Free Market Economy |
| I am a type of economy. I am a centrally-planned economy with central ownership of property and resources, and a lack of consumer choice. What am I? | Command Economy |
| I am a type of economy. Individuals and business make decisions in the private sector and government makes the decisions for the public sector. Most nations, including the US have me. What am I? | Mixed Economy |
| I am a characteristic of the US Economy. I am generally allowed to operate without undue interference from the government. What am I? | Free Markets |
| I am a characteristic of the US Economy. I am the right of individuals and businesses to own property and resources without undue interference from the government. What am I? | Private Property |
| I am a characteristic of the US Economy. I consists of earnings after all expenses have been paid. What am I? | Profit |
| I am a characteristic of the US Economy. I am the rivalry between producers/sellers of a good or service. What am I? | Competition |
| I am a characteristic of the US Economy. I mean that consumers determine through their purchases waht goods and services will be produced. What am I? | Consumer Sovereignty |
| I am a type of business organization. I have one owner who takes all of the risks and all the profits. What am I? | (Sole) Proprietorship |
| I am a type of business organization. I have two or more owners who share the risks and all the profits. What am I? | Partnership |
| I am a type of business organization. I am authorized by law to act as a legal person regardless of the number of owners. Owners share the profits and owner liability is limited to investment. What am I? | Corporation |
| I am part of the economic flow model. I am provided by individuals to businesses so that they can make products and provide services. What am I? | Resources |
| I am part of the economic flow model. I am provided by business to individuals in exchange for their resources. What am I? | Payment for Resources |
| I am part of the economic flow model. I am produced by business to sell to individuals. What am I? | Finished goods and services |
| I am part of the economic flow model. I am given to businesses by individuals in exchange for finished goods and services. What am I? | Payment for finished goods and services |
| I am part of the economic flow model. I am paid by both individuals and businesses to the government. What am I? | Taxes |
| I am part of the economic flow model. I am provided by the government to individuals and businesses. I am paid for with tax dollars. What am I? | Public Goods and Services |
| We act as intermediaries between savers and borrowers. We include banks, savings and loans, and credit unions. We receive deposits and make loans. What are we? | Private Financial Institutions |
| We are the reasons why states and nations trade. What are we? | To obtain goods/services they cannot produce or produce efficiently, to buy goods/services at a lower cost or lower opportunity cost, to sell goods/services, and to create jobs |
| I contribute to the global flow of information, capital, and goods/services. I also lower the cost of production. What am I? | Technological Innovations |
| We are the ways the government promotes marketplace competition. What are we? | Enforce anti-trust legislation, engaging in global trade, and support business start-ups |
| We are three government agencies that regulate businesses. Our initials are FCC, EPA, and FTC. What are we? | Federal Communications Commission, Environmental Protection Agency, and Federal Trade Commission |
| We are provided by the government and would not likely be available if individuals had to provide them. We provide benefits to many simultaneously and include things like highways, the postal service, and national defense. What are we? | Public Goods and Services |
| We are the 3 ways that governments pays for public goods and services. What are we? | Taxes, borrowed funds, and fees |
| I am a constitutional amendment. I allow Congress to tax personal and business incomes. What am I? | 16th Amendment |
| I am an action of the government that causes a reduction in the funds available for private and business spending. What am I? | Increase in taxes |
| I am an action of the government that causes an increase in the funds available for private and business spending. What am I? | Decrease in taxes |
| I am action of the government that reduces the funds available for borrowing by individuals and businesses. What am I? | Increase in borrowing |
| I am an action of the government that increases the funds available for borrowing by individuals and businesses. What am I? | Decrease in borrowing |
| I am an action of the government. I cause an increase in demand, may increase employment and production, and often results in higher taxes. What am I? | Increased spending |
| I am an action of the government that decreases demand, may decrease employment and production, and often results in lower taxes. What am I? | Decreases spending |
| I am the nation's central bank. I maintain the value of the US dollar, regulate banks, manage the money supply, and act as the Federal Government's bank. What am I? | Federal Reserve System |
| We are protected by negotiated contracts and government agencies. When we are violated, consumers may take legal action. What are we? | Consumer Rights |
| We are 3 types of currency generally used in the US. What are we? | Coins, Federal Reserve Notes, and deposits in bank accounts that can be accessed by checks and debit cards |
| When selecting me, individuals must be aware of their personal talents, interests, and aspirations. What am I? | Career |
| I am the first step in career planning. What am I? | Self-Assessment |
| I am the attitudes and behaviors that employers want in employees. What am I? | Strong work ethic |
| We generally lead to higher incomes. What are we? | Higher skills and education levels |
| Employers generally want employees who have kept pace with me. I also create new jobs, allow the global flow of information, and also create competition. What am I? | Technological Innovations |
| People who demonstrate me make careful spending decisions, save and invest for the future, have insurance, keep a budget, use credit wisely, and understand contracts, warranties and guarantees. What am I? | Fiscal responsibility |
Created by:
Jrafter