What are the Terms? What are the Terms? To Trade Or Not To Trade To Trade Or Not To Trade Economic Systems Economic Systems Minding Your BUSINESS Minding Your BUSINESS GDP POWER! GDP POWER! WILD CARD WILD CARD

Q: 100 The term ________ means to focus on one product or service. For example, a factory that builds only cars or a person who strings beads in a jewelry store.

Specialization

Q: 200 A DOUBLE JEOPARDY!

Gross Domestic Product (GDP) A: 200

Q: 300 _______________ is how little of something is available. It forces us to make choices such as how much of something to buy or how much money to spend on that product or service..

A: 300 SCARCITY

Q: 400 The unrestricted purchase and sale of goods and services between countries without any government imposed restrictions such as tariffs and quotas.

Free Trade A:400

Q:500 This term is all about how much of something you have as well as how much of something people want. Put the two together and you have ______________________.

A:500 Supply and Demand

Q:100 Free trade refers to the removal of barriers to international trade. What are the three barriers to trade?

A:100 Tariff Quota Embargo

Q:200. A tax placed by the government on imported goods to help raise revenues.

A: 200

Q: 300 DOUBLE JEOPARDY!

A: 300 Trade Barriers

Q: 400 What are two effects of tariffs and quotas?

A: 400 The two effects of tariffs and quotas are the same: 1.To limit imports. 2.Protect domestic (local) producers from foreign competition.

Q: 500 Fill in the blank: A/an ___________ is created as a result of unfavorable political or economic circumstances between nations. The goal is to isolate the country and create difficulties for its government.

A: 500 EMBARGO

Q: 100 Identify the Economic System There is little technology or modernization. There is always a sense of community.

A: 100 A Traditional Economic System

Q: 200 Since the collapse of the Soviet Union in the early 1990’s, Russia has attempted to build an economic system based on A.a command system B. the ideas of Lenin C.the market system D.customs and beliefs.

A: 200 C Market System Russia is moving from a command economy towards a market economy.

Q: 300 True of False? All economies have some level of government control.

A: 300

Q: 400 Based on the information presented on the continuum, describe the economy of Germany. Germany

A: 400 Germany is mostly a market economy but the government does control some businesses. Germany

Q: 500 Which statement best describes how a command economy functioned in the Soviet Union? A.The laws of supply and demand controlled the economy. B.Trade policies mandated that imports exceed exports. C.The success of the farming sector controlled the price of manufactured goods. D.A central authority determined the type and quantity of goods to be produced.

A: 500 D A central authority determined the type and quantity of goods to be produced.

Q:100 They risk their own resources in business ventures. They also organize the other three factors of production.

A:100

Q: 200 Identify the factor of production: Resources made and used by people to use in the production and distribution of goods and services.

A: 200 Capital Resources

Q: 300 Identify the factor of production: All businesses need physical and mental skills – such as stacking shelves in a supermarket, or calculating the final accounts of a company.

A: 300 Human Capital

Q: 400 What are the four factors of production?

A: 400 Entrepreneur Natural Resources Capital Resources Human Capital

Q: 500 DOUBLE JEOPARDY!

A: 500 C. Most important in organizing all other resources for a successful business.

Q:100 Give one example of a way a country or business may invest in human capital.

A: 100 Answers may vary… Building new schools Providing better health care.

Q: 200 Countries where training and education are more easily available often have _____________. A.unhappy workers who demand more pay B.higher production levels of goods and services, therefore higher gross domestic product C.lower production levels of goods and services, therefore higher gross domestic product. D.A higher population rate

A: 200 B higher production levels of goods and services, therefore higher gross domestic product.

Q: 300 Which generalization can be drawn from this chart? A.The GDP has no relationship to education. B.There is a strong relationship between education and GDP. C.There is not enough information to draw a conclusion. D.Nations with a high GDP usually have a low population.

A: 300 B. There is a strong relationship between education and GDP.

Q: 400 Based on the information presented in the chart, which two countries most likely have the least investment in human capital and capital resources?

A: 400 Myanmar and Zaire.

Q: 500 If a country does not invest in its human capital, how can it affect the country’s gross domestic product (GDP)?

A: 500 Answers may vary… GDP may go down because poorly trained workers will not be able to do their jobs as well. Therefore the workers will be less productive.

Q: 100 DOUBLE JEOPARDY!

A: 100 Answers may vary… International trade requires a system for exchanging currencies between nations because there are many different forms of money throughout the world and each different type of money is worth different amounts.

Q: 200 A line with two points going from one extreme to the other (example: market and command economy) and any point in the middle is a mix of the two extremes.

A: 200.

Q: 300 How does specialization encourage trade between countries ?

A: 300 Answer may vary: Specialization allows a nation to be efficient in the production of a few goods and services. It also encourages countries to trade their goods and services for those things they cannot or do not produce well.

Q: 400 The woman in the picture most likely represents a/an ____________ economic system.

A: 400 Traditional

Q: 500 Which statement describes the economies of the United Kingdom, Germany and Russia? A.All three countries have strong command characteristics with some aspects of market B.United Kingdom has a pure market economy, while Germany and Russia are mostly command C.The economies of all three countries is based on individual and government decisions. D.the GDP per capita in all three countries is the same and so is the standard of living

A: 500 Which statement describes the economies of the United Kingdom, Germany and Russia? A.All three countries have strong command characteristics with some aspects of market B.United Kingdom has a pure market economy, while Germany and Russia are mostly command C.The economies of all three countries is based on individual and government decisions. D.the GDP per capita in all three countries is the same and so is the standard of living

____________ is determined by taking the total value of all goods and services produced by a country in a single year. ANSWER

The EUROPEAN UNION is example of an organization that removes ____________________ in order to increase trade between member countries. ANSWER

A Why does international trade require a system for exchanging currencies between nations?

Copyright Ammu Nair Capital The box for “Entrepreneur” is at the top of the diagram because it shows that the entrepreneur is A.Dependent on other people to make the business successful. B.Most important in organizing all other resources for a successful business. C.Interested in making sure that the people in the business are well trained for the job.