Transcript Economics
Geography Jeopardy! Economics Systems Levels of Activity Traditional Concepts Economics & the World 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 Final Jeopardy! Question Economics Economic descriptors Free market/Capitalism System governed by “supply and demand”, features include private ownership of businesses Systems 100 Socialism System governed by “greater good”, features include collective labor ownership of businesses Systems 200 Communism/Command economy System governed by “greater good”, features include government/small party ownership of businesses Systems 300 Communism System envisioned by Karl Marx Systems 400 Mixed economy Although most countries identify themselves as capitalist or communist, a more correct descriptor of all economies Systems 500 Quaternary (4) The level of economic activity represented by information processing and management – i.e., technology development, research Levels of activity 100 Tertiary (3) The level of economic activity represented by providing services – i.e., supermarket, teacher, doctor Levels of activity 200 Primary (1) The level of economic activity represented by the production of raw materials – i.e., agriculture, mining, fishing Levels of activity 300 Secondary (2) The level of economic activity represented by making or refining products from raw materials – i.e., making furniture, turning crude oil into gasoline Levels of activity 400 (Answers vary – points awarded at teacher discretion) Name one career at each level of economic activity Levels of activity 500 Barter Swapping goods and services without the use of money Traditional 100 Subsistence agriculture Producing just enough to provide food for yourself and your family Traditional 300 Cottage industry Small-scale production based in the home Traditional 200 Primary and secondary The levels of economic activity most likely to occur in a developing nation Traditional 400 Less Developed A term used to describe pre-industrial societies with low standards of living Traditional 500 Outsourcing The physical separation of economic activities from the main production facility, usually for the purpose of employing cheaper labor Concepts 100 Gross Domestic Product The total value of goods and services created within a country Concepts 200 Specialization Production of a limited scope of products or services in order to gain greater degrees of productive efficiency Concepts 300 Tariffs Taxes imposed on certain imported goods and services to keep out foreign competition and allow the growth of domestic economic sectors Concepts 400 Industrialization The development of manufacturing facilities on an extensive scale – a “revolution” of this sort transformed economies in Europe and the U.S. Concepts 500 NAFTA An agreement that removed tariff and nontariff barriers to trade between the U.S., Canada, and Mexico Economics & the World 100 Export-based economy Many countries in Latin America have this type of economy; its disadvantage is a dependence on economic strength in other regions of the world Economics & the World 200 Import-based economy Japan and Hawaii both have this kind of economy due to their lack of land to produce their own goods Economics & the World 300 European Union Created by a number of European countries to better coordinate economic activities Economics & the World 400 Columbian Exchange Historical term used to describe the transfer of plants, animals, and goods between the “Old World” and the “New World” Economics & the World 500 GDP Per Capita Used to measure relative wealth between nations – ignores the inequalities within society by pretending it is equally distributed to all people Final Jeopardy!