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Transcript of Jeopardy Trade Terms Productive Resources Key Econ Terms Extras Q $100 Q $200 Q $300 Q $400 Q $500 Q...
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Jeopardy
Trade Terms
ProductiveResources
Key EconTerms Extras
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Final Jeopardy
Econ Part 1
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Government decides what you can make and how much you will sell it for.
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What is Command Economy?
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Free! Business owner decides what he/she will make and how much it will sell for
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What is Market Economy?
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All three economic systems; Traditional, Command & Market are known as…
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What is a Mixed Economy?
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system in which social roles and culture determines how goods are made, sold and bought
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What is a Traditional Economy?
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The U.K , Russia, Germany and the U.S all have this type of economy
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What is a Mixed Economy?
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Limit on the amount of something that may be imported during a period of time.
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What is a Quota?
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Tax charged for goods or services brought into a state or country.
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What is Tariff?
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Gov’t. places restrictions of imports & exports of goods. Often backed by a military.
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Who is an Embargo?
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Gov’t. limits free trade between countries. Can also be a physical feature (ex. Mountains) or climate (ex. Hurricane)..
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What is a Trade Barrier?
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Exchange of goods and services between Countries around the world
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What is International Trade?
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Raw materials used to make goods
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What are Natural Resources?
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someone who brings together labor, land and capital goods to produce goods and services.
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What is an Entrepreneur?
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This is smart & skilled workers who are more productive
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What is Human Capital?
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These are resources such as factories, machines, & tools people use to make goods
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What are Capital Goods?
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All of the following are questions a nation must answer to build an economy EXCEPT:1 what to produce2. who is going to produce it3. how to produce4. for whom to produce
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What is #2 Who is going to produce
it?
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The percentage % of people who can read in a certain country.
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What is Literacy Rate?
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The price of a good rises and falls depending on how many people want it and how much is available.
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What is Supply and Demand?
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Total value of goods and services produced in a country during a period of time.
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What is Gross Domestic Product (GDP)?
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Conflict between what people want and what resources are available. (ex. We may all want a new I-phone six, but there isn’t enough metals available to make 35 of them)
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What is Scarcity?
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Using your income today in a way that invests in growth in the future.
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What is Investment?
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Money from different countries is bought and sold for a price.
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What is Currency Exchange?
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Increase in value of all goods and services a country makes from 1 year to another.
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What is Economic Growth?
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Goods traded or sold to other countries
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What are Exports?
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Goods brought into country from another country.
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What are Imports?
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Being a member of the European Union provides all EXCEPT:1. one common currency2. more human capital for your country3. more trade partners4. more economic and financial stability
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What is more Human CapitalFor your country?
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Final Jeopardy
Private businesses are part of command economies?
1. TRUE2. FALSE
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Final Jeopardy Answer
2. FALSE