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Economics Review Game

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Courtney waldrop

on 14 December 2010

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Transcript of Economics Review Game

Economics Review Game Any object that is generally accepted to pay debt for goods and services in a society is called… Money Currency Exchange involving good and services or currency is called… Trade Exchange of goods and services for other goods and services WITHOUT the use of money. Barter In this type of economy, production is based on market demands among consumers. People are free to buy or sell land, resources, and there are many forms of personal property. Market Economy In this type of economy, the community produces goods based on its traditional needs, like food, clothes, basic items; they also don’t use money. Traditional
Economy This is the type of economy where the government controls pretty much everything. China is an example of this type of economy. Command The United States is an example of this type of economy. Market Chad (and many other African tribal nations) are examples of this type of economy. Traditional When looking at Economics, it all comes down to 3 basic questions…
- Society must decide _________________ to produce with its limited resources. For example, society may have to choose whether to produce goods for defense or services for citizens. what Another of the 3 main questions is...
Society must decide ________________ to produce. Will individuals or companies create the item? Will the gov’t produce the item? How The last of the 3 economic questions...
Society must decide_____________ to produce. Who will receive the goods and services? For Whom Macro Economics is the study of how a ________
makes decisions about its resources and money. Country Micro Economics is the study of how______________
make decisions about their resources and money. Individuals The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants Economics Requirements for survival, such as food, clothing, and shelter (things that you must have to survive) Needs Things we would like to have, such as entertainment, vacations, and items that make life comfortable and enjoyable wants Not having enough resources to produce all of the things we would like to have scarcity The alternative you face if you decide to do one thing rather than another Trade-off The cost of the next best use of time and money when choosing to do one thing or another Opportunity Cost Reward offered to try to persuade people to take certain economic actions Incentives Tangible products that we use to satisfy our wants and needs goods Work performed by a person for someone else Services Gifts of nature that make production possible Natural Resources Human effort directed toward producing goods and services Labor Previously manufactured goods used to make other products Capitol Goods Individuals who start new businesses, introduce new products, and improve management techniques Entrepreneurs To set aside income for a certain period of time so that it can be used later Savings Team or Solo? Team or Solo? Team or Solo? Team or Solo? Team or Solo? BONUS ROUND!
ALL QUESTIONS NOW WORTH 200 POINTS Team or Solo? The payment people receive when they lend money or allow someone else to use their money Interest The desire, willingness, and ability to buy a good or service Demand Situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenue Surplus Shortage The amount of goods and services that producers are able and willing to sell at various prices during a specified time period Supply •Scarcity is the problem of having an unlimited amount of human ___________ in a world with a limited amount of __________. Wants; resources True True/ False: You make more money after taxes. False True/False: Food is a want, not a need. False True/False: Entertainment is a want, not a need. True True/False: An expense is the money you spend. True Directions for playing this totally awesome and fabulous game...
1. I am the ultimate boss of the game. Whatever I say goes. Period.
2. Each question is worth 100 points
3. The goal is to be the team with the most points
4. Your team can and will lose points for talking when it is not your turn and disobeying rule number 1.
5. When it is your turn, you must choose whether you are going to answer the question with the help of your team= "team" or on your own= "solo."
6. If you choose to answer the question on your own and you get the answer correct, you get to take a shot for bonus points.

Questions? Let's Get Started!!! Let the Review Begin! Banknotes, dollars, pesos are all examples of Command Economy Situation in which quantity demanded is greater than quantity supplied

True / False: Income is the money you make.
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