Review and study guide for Mr. Spires Econ. Test
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| NEW KNOWLEDGE,SPECIALIZATION, AND TECHNOLOGY | HOW PRODUCTIVITY CAN BE IMPROVED
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| What does improved productivity mean to a business? | Higher earnings/profits
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| ENTREPRENEURS ARE MOTIVATED BY THIS | HOPE OF A PROFIT
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| HAPPY MEAL TOYS ARE AN EXAMPLE OF THIS | ECONOMIC INCENTIVE
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| SUPPLY IS LOW, DEMAND IS HIGH – PRICES WILL DO WHAT? | GO UP or INCREASE
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| SUPPLY AND DEMAND ARE THE SAME | PRICES DON’T CHANGE
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| SUPPLY IS HIGH, DEMAND IS LOW, PRICES WILL | DROP, GO DOWN, DECREASE
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| MONEY HOLDS VALUE IN THE U.S. BECAUSE | IT IS AN ACCEPTED FORM OF PAYMENT FOR GOODS AND SERVICES
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| Natural Resources+ Human Resources + CAPITAL =’S | PRODUCTION EQUATION
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| BUSINESSES TAKE RISKS TO | MAKE MONEY / PROFIT
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| NIKE SHOES ARE AN EXAMPLE OF THIS | BETTER PRODUCT
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| WAL-MART REPRESENTS THIS | LOWER PRICES
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| LONGER STORE HOURS ARE AN EXAMPLE OF THIS | BETTER CUSTOMER SERVICE
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| Trees are an example of this | Natural resource
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| A tractor is an example of this | Capital
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| A cow is an example of this | Natural Resource
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| Super bowl commercials are examples of | Advertisement
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| The United States has this type of economic system | Market or Mixed
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| A worker in a factory is an example of | Human Resource
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| I farm because that is what my grandfather and my father did is an example of this type of economic system | Traditional
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| All the ways businesses compete with each other | Lower prices, Economic Incentives, Better Products, better customer service, advertising
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| Things we must have to survive | Needs
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| Things that we may desire but are not needed to survive | Wants
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| I cause people to make choices | Scarcity
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| Why does our government have to look for alternatives to oil? | Because oil is scarce and we can't produce enough ourselves.
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| In every economic system, scarcity imposes limitations on | households, business firms, governments, and the nation as a whole
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| An economic system based on the power of division of labor in which the prices of goods and services are determined in a free price system set by supply and demand. | characteristics of a market economy
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| Which of the following best describes the primary role of an economic system? | To determine how resources are used and distributed.
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| Why do people in traditional economic systems usually die at an earlier age than other systems? | Because much of the work is done by hand without the use of machines and the medical system is not very good.
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| What is human capital? | The skills people have that are used to earn a living. Reading, writing, computer skills, playing an instrument, speaking more than one language etc.
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| How could a company increase the human capital of its employees? | Teach them new computer skills.
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| What does job specialization do for a business? | Increase productivity and profits
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| What are some jobs that would be considered specialized in nature? | Any specific medical field (Heart Surgeon, Podiatrist, Orthodontists etc), Lawyer, Teacher and many others.
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| The fact that not everything we need in the U.S. is made here, proves what economic concept? | Interdependence
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| What does scarcity cause people and businesses to do? | Make decisions about how to use human and capital resources.
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| What key economic words describe a market economic system? | Prices set by supply and demand and Private Ownership
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| What is the purpose of a economic system? | To determine how resources are used and distributed.
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| Why do people in Traditional economic systems have a lower life expectancy that other systems? | Because they have few medical facilities, little communication to educate their citizens and little technology so the work must be done by hand.
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| The economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. | Scarcity
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| Because oil is not unlimited it forces governments of countries to | look for alternative energy sources in case oil runs out.
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| The Toyota Camry is made in Georgetown KY, the tires are from South Carolina, the seat belts are from Canada, and electronics from Mexico. Which economic principle helps the assembly of the Camry? | Interdependence
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| What do Economic Systems do? | Determine how resources are used and distributed.
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| Taking natural resources from the ground, using people construct a product with it and having man-made machines help build it is an example of | The Production Equation
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| What is Capital? | Any man-made object used to produce another product. Can be money, tools or technology - Anything man made to produce another product.
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| When a company improves its technology, what is the likely outcome? | The output and profits will increase.
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| What are the Factors of Production? | Natural Resources
Human Resources
Capital
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