Transcript Q - TeacherWeb

What are things from nature, such as metal
ores, that are used to make products?
Q
Natural Resources
A
What are the tools, machinery, and
buildings used to make other products?
Q
Capital
A
What is one way to measure the economy’s
size?
Q
GDP
A
What market is where productive resources
are bought and sold.
Q
Factor Markets
A
____ is a measure of the amount of output
produced by a given amount of inputs over
a period of time.
Q
Productivity
A
What is it called when a job is broken down
into several, smaller tasks that are
performed by different workers?
Q
Division of Labor
A
What is the struggle between buyers and
sellers to get the best products at the
lowest prices?
Q
Competition
A
What is the act of buyers and sellers freely
engaging in market transactions.
Q
Voluntary Exchange
A
What is the payment people receive when
they lend money or allow someone else to
use their money?
Q
Interest
A
What income is the money that is left over
after paying for the necessities?
Q
Discretionary Income
A
Resources needed to produce goods and
services are called ____.
Q
Factors of Production
A
What is the physical and mental talents
that people contribute to the production of
goods and services?
Q
Labor
A
If you start a new business, what are you
called?
Q
Entrepreneur
A
What is the quality of life based on the
possession of necessities and luxuries?
Q
Standard of Living
A
What market is the markets where
producers offer goods and services for
sale?
Q
Product
A
What is it called when a business
concentrates on goods or services that it
can produce better than anyone?
Q
Specialization
A
What refers to the role of the consumer as
ruler of the market?
Q
Consumer Sovereignty
A
What describes the driving force that
encourages people and organizations to
improve their material well-being?
Q
Profit Motive
A
What is the movement to educate buyers
and demand better products from
manufacturers?
Q
Consumerism
A
What is the money left over after all the
taxes on it have been paid?
Q
Disposable Income
A
What is the difference between expense
and income?
Q
Expense is money going out. Income is
money coming in.
A
What are the two main responsibilities
consumers have?
Q
Problem Solving and Being Ethical
A
What’s the difference between quality vs.
quantity as regard to the GDP?
Q
The quality of the product is not counted as
a factor in the GDP.
A
Entrepreneurs must do two things to be
successful. What are they?
Q
Take risks and be innovative
A
What is the main goal of owning a
business?
Q
Making as much money as you can.
A
Money spent on going to elevation station
is regarded as?
Q
Discretionary income.
A
What private group protects consumers
from businesses?
Q
Better Business Bureau
A
What does laissez fair mean as regards of
government involvement in the economy?
Q
Not a lot of government involvement in the
economy.
A
Why are secondhand sales not counted in
the GDP?
Q
They should not be counted twice to inflate
numbers.
A
Which market sector is the only one the
United States sells products to as well as
buys products from?
Q
Foreign
A
Which market sector purchase the largest
share of output?
Q
Consumer
A
Why is ethical behavior important?
Q
So you are not trying to return
because it has been advertised
at a lower price. You should go
price that you have bought the
with.
A
a used item
elsewhere
with the
original