Hosted by Mrs. Lockhart

Factors of Production GDP Name that System Trade Vocab Wild Card

Q: 100 Raw materials found in nature that are used to produce goods are called ______________

Natural resources

Q: 200 Skills that human resources have. Example: (artistic ability, teaching degree)

Human Capital

Q: 300 A country that does not invest in human capital will face problems because a) there will be no money to pay its workers. b) workers will develop skills on their own c) businesses will not pay the taxes to pay for good schools. d) workers who are not educated, skilled, and healthy are less productive.

A: 300 d) workers who are not educated, skilled, and healthy are less productive

Q: 400 Give an example of each factor of production

Natural Resource- oil, water, vegetables, etc. Capital Resource- building, factory, computer, etc. Human Capital- skills, education, healthcare, talents Entreprenuer- business owner A:400

Q:500 Which is a way that entrepreneurs help increase the Gross Domestic Product (GDP) of a country? a) by writings laws to protect personal property b) by closing businesses that are making too much money c) by creating businesses that give people jobs. d) by working to decrease the amount of goods and services sold in a country.

A:500 c) by creating businesses that give people jobs.

Q:100 What does GDP stand for?

A:100 Gross Domestic Product

Q:200 True or False A country’s overall GDP is the best measure to determine a country’s standard of living

A: 200 False The GDP per capita is the best measure of standard of living

Q: 300 Explain why a country with a large GDP could have a low GDP per capita

A: 300 The overall GDP is the total amount of goods and services produced in a country where the GDP per capita is the total amount divided by the population. Therefore, a country could have a high overall GDP, but a low GDP per capita if that country has a high population.

Q: 400 How does a country’s literacy impact the country’s GDP?

A: 400 If a country’s literacy rate is low, generally the GDP will be low. (The literacy rate indicates the percentage of the population that cannot read or write. Therefore, if a country has a low literacy rate, it indicates that the country is lacking an investment in human capital) If a country’s literacy rate increases, the GDP will increase.

Q: 500 Explain how the factors of production influence a country’s GDP and standard of living

A: 500 By investing in human capital and capital resources a country can produce more goods and services efficiently, thereby increasing the GDP and standard of living An abundance of natural resources will also increase the standard of living because the country has more resources to use within their own borders or to trade with other countries

Q: 100 In a __________economy, everything is done the way it has always been done. It’s all about the family and the customs and traditions that the family practices. There is very little change.

A: 100 Traditional

Q: 200 A type of economy in which the citizens have no rights and the government has total control.

A: 200 Command

Q: 300 An economy where supply and demand determine the prices for goods and services.

A: 300 Market

Q: 400 In Germany, who decides which goods will be produced and sold? a. Parliament b. Consumers c. The Queen d. The Prime Minister

A: 400 b. consumers

Q: 500 Explain why all countries have a mixed economy

A: 500 Every country has aspects of a command economy and a market economy because in a pure market economy there would be no government ownership or regulations at all. In a pure command there would be zero economic freedom. Therefore, every country lies somewhere on the economic continuum usually closer to one system than another.

Q:100 A government order that stops trade with another country to put pressure on the government of the other country is called an ___________

A:100

Q: 200 In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a (n)______________

A: 200 Tariff

Q: 300 The United States only allows a certain number of imported cars, in order to protect its domestic automobile market. What is this restriction called?

A: 300

Q: 400 How do tariffs benefit a country?

A: 400 Tariffs prevent competition and cause foreign countries goods/services to be more expensive and local products to be cheaper

Q: 500 What is the difference between a tariff and a quota?

A: 500 A tariff is a tax on imports while a quota just limits the quantity of imports

Q:100 _______ are goods brought in from another country and ______ are goods leaving the country

A: 100 Imports/Exports

Q: 200 __________ is the percentage of people in a country over the age of 15 who can read and write

A: 200

Q: 300 What economic term defines a limited supply of something.

A: 300 scarcity

Q: 400 Define standard of living

A: 400 The level of comfort enjoyed by a person or society, quality of life

Q: 500 Explain the concept of supply and demand

A: 500 In a market economy prices are set according to supply and demand High supply + low demand = decrease in price Low supply + high demand = increase in price Low supply + low demand = price stays same High supply + high demand = price stays same

Q: 100 Cuba: mixed command as the United States:_________

A: 100 Mixed market

Q: 200 In this economic system, bartering for goods is common

A: 200 traditional

Q: 300 Name the movie this photo was taken from

A: 300 Pitch Perfect

Q: 400 What is a free trade zone and give an example

A: 400 A free trade zone has no trade barriers Ex. The European Union

Q: 500 Name the animal pictured here

A: 500 Sloth