PREMIUM LOGIN

ClassTools Premium membership gives access to all templates, no advertisements, personal branding and other benefits!

Username:    
Password:    
Submit Cancel

 

Not a member? JOIN NOW!  

QR Challenge: CC5 Economics

QuestionAnswer
What do the three economic questions have in common?all of the involve goods and services
What are the three main factors of productions?land and resources, capital, and labor
What is demand?the desire for a certain good or service
What is supply?the amount of a good or service
What is an example of an incentive?money
Why are markets necessary?they provide an organized way for producers and consumers to exchange goods and services
What is the difference between revenue and profit?Revenue is the money a producer gets from selling a good/service and profit is the money left over after subtracting the costs from revenue
How does inflation affect prices?causes prices to rise over time
What is a recession?a decline in economic growth for six or more months in a row
How do people reach economic decisions in a traditional economy?They rely on their traditions and customs to tell them what to do
What are the four types of economies?command, mixed, traditional, and market
Name four factors that economists use to calculate how developed a country is.education, literacy, life expectancy, and purchasing power
What is technology?the practical application of knowledge used to accomplish a task
Are there more developed or developing countries in the world?developing
If US companies buy chocolate from Switzerland and sell it to American consumers, is the chocolate an import or export?import
What is a tariff?a tax on imports or exports
What is free trade?the removal of trade barriers
Why is a budget a necessary tool?helps you see what you are spending and saving
Which is buying a bond similar to, giving a gift or getting an IOU?IOU
How do banks function?Banks keep money, make loans, and offer other financial services, they pay interest on deposits and charge interest on loans
What is stock?a share of ownership in a company

Back