Transcript Review of chapters 1-4 in the Introduction to Business Book.

1
6 11 16 21
2
7 12 17 22
3
8 13 18 23
4
9 14 19 24
5 10 15 20 25
•Rules for the game!
•No computers on
•We will go around the room ,
by your teams, and see if your
teams get the right answers.
•Get the answer right will
mean your team receives a
ticket to win a prize.
•Do not get it right and your
team will not perhaps win
prizes.
•No shouting out the answers.
•Everyone must write down
the questions and the answers
for each number when your
teams is involved
•Team 1 - Chapter 1
are numbers 1, 2, 3,
4, 5, 6
•Team 2 - Chapter 2
are numbers 7, 8, 9,
10, 11, 12
• Team 3 - Chapter 3
are numbers 13, 14,
15, 16, 17, 18.
•Team 4 – Chapter 4
are numbers 19, 20,
21, 22, 23, 24
•Bonus is 25!
#1
What is the definition of goods?
True or False. Food, a television
set, gasoline, cement are called
Goods or products. .
#1
True - Goods are things you can
see and touch
#2
2. True/False: Is the definition of
natural resources the raw
materials supplied by nature?
.
#2
True
All materials that come from the
earth, the water, or the air are
natural resources. .
#3
What is the definition of human
resources.?
#3
Did you say human resources are
the people who work to produce
goods and services you are right
#4
What is capital resources?
#4
The tools, equipment
and buildings that are
used to produce goods
and services are called
capital resources.
#5
What does economic decision
making mean?
#5
Economic decision making is the
process of choosing which
wants, among several wants
being considered will be
satisfied.
#6
Do businesses and
governments deal with
scarcity. Give an example for
both
#6
Examples from page 10 – A growing business might want to enlarge its plant
and parking lot, but because the land it owns is limited and locating
elsewhere would cost more than it can afford, it cannot do both.
All levels of government face the problem of supplying the almost unlimited
wants of their citizens with limited resources. Example would be your town
may wish to give a large wage increase to police and firefighters but because
taxes may not provide enough money the increase might have to be smaller
in order to provide other services, such as a new school building or
additional employee to collect the garbage
#7
What is an economic system?
#7
A nation’s plan for answering the
key economic questions is an
economic system
#8
What is a market economy?
#8
A Market economies are
generally found in countries
that have democratic forms of
government. Individuals buy
and sell goods to people in a
market place.
#9
What is capitalism?
#9
Capitalism means that
economic resources are
usually privately owned by
the individuals rather than
by the government.
#10
What is private enterprise?
#10
Private enterprise is the right of the individual to
choose whether to own a business, what business
to enter, and what to produce with only limited
government direction.
#11
What is private property?
#11
Private property means you can
own, use or dispose of things of
value. You may dispose of things
you own by selling them .
#12
Explain the word profit.
#12
Profit is the money left from
sales after subtracting all the
costs of operating the
business.
#13
Demand is the word I would like
you to know.
#13
Demand means the quantity
of a product or service that
consumers are willing and
able to buy at a particular
price.
#14
What is the definition of supply?
#14
Supply mean the quantity of a product or
service that businesses are willing and able
to provide at a particular price.
#15
How is your “standard of living”
Define
#15
The term standard of living
refers to the way you live as
measured by the kinds and
quality of goods and services you
can afford.
#16
What is the correct definition of
Public Goods?
#16
Public goods are something
needed by a community and
provided by its government.
#17
A Video Rental center purchased
24 dozen video DVD’s of a new
movie, at a cost of $20 per DVD, to
sell at Christmas. How many
individual DVD’s did they buy?
#17
24x12= How many DVD’s did
they purchase.
Amount 288
#18
The video store brought those 288 DVD’s
before Christmas. If demand dropped after
the holidays, would the shop be more likely
to increase or decrease the price to sell the
DVD’s?
#18
Decrease the price because the
demand is lower and remember
there are always great sales AFTER
the holidays.
#19
What is meant by GDP?
#19
The gross domestic product (GDP)
is the total dollar value of all final
goods and services produced in our
country during one year. It
measures how the economy is
doing.
#20
Please tell me what GDP per
capita means?
#20
Another way to measure
economic growth is GDP per
capita or output per person. GDP
per capita is calculated by
dividing GDP by the total
population.
#21
We are in a recession now. What does
that mean?
#21
Recession is a period where demand
begins to decrease, businesses lower
production of goods and services,
unemployment begins to rise, and GDP
growth slows for two or more quarters of
the calendar year.
#22
Hopefully, we will not go into a
depression as we did in the
1930’s. What is a depression?
#22
Depression is a phase market by a prolonged
period of high unemployment, weak sales of
goods, and services, and business failures
#23
Recently, we have seen some
forms of deflation. What is
deflation?
#23
Deflation means a decrease in the general level of
prices. It usually occurs in periods of recession and
depression
.
#24
Please explain a business
cycle?
#24
All nations experience good times and bad
times. Over a period of time bad
conditions disappear and good conditions
return. This movement of the economy
from one condition to another and back
again is called a business cycle
#25
Bonus question: Suppose that many auto and steel
plants close throughout a country and that thousands
of workers lose their jobs in a relatively short time
period. If the county has been enjoying prosperous
times, it may now be headed into what phase of the
business cycle? Describe other conditions that might
begin to occur.
#25
The country is in a recession do to the thousands of
people being laid off. Some other things that could
happen would be that the country would see a
reduction in prices of goods because people did not
have the money to purchase the items.