eQuizShow

Economy Jeopardy

Scarcity

Question: How does scarcity impact international trade and economic interdependence among people?
Answer: Scarcity can impact international because people don't have a lot to trade across borders if they don't have the supplies.

Question: Why are the countries dependent on each other? What are some examples?
Answer: They depend on each other for their goods and their services. An example is Money.

Question: How can scarcity impact trade interdependence?
Answer: Scarcity can impact trade interdependence because (water,food,oil) for example could run out and now the economy will rely more on heavily on their economic relations with another country to get those products.

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Natural Resources

Question: What are the natural Resources of labor?
Answer: Labor represents the human capita that is able to transform raw or national resources into consumer goods.

Question: What are the natural resources of capital?
Answer: Capital has two economic definitions as a factor of production. Capital can represent the monetary resources companies use to purchase the natural resources, land, and other capital goods.

Question: What are the natural resources for land?
Answer: Land is the economic resource encompassing natural resources found within a nation economy. This resource includes timber, land, fisheries, farms, and other similar resources.

Question: What are the natural resources of entrepreneurship?
Answer: Entrepreneurship is considered a factor of production because economic resources can exist in an economy and not be transformed into consumer goods.

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Economic Development

Question: 1. How does life expectancy help us with the levels of economic development?

2. How does GDP help us with the levels of economic development?

3. How does GDP per capita help us with the levels of economic development?

4. How does literacy help us with the levels of economic development?

Answer: 1. Higher life expectancy would allow work a lot longer and be more experienced.

2. GDP is used to gauge the overall health of a country's economy.

3. GDP per capita gives us an average amount of how much money each person has.

4. Higher literacy rates are an indication of general education which in return affects the skill set of jobs and type of economy we have. The more educated we are, the more developed our economy.

Question: 1. How does GDP per capita affect our economy?

2. How does GDP affect our economy?

3. How does life expectancy affect our economy?

4. How does literacy affect our economy?

Answer: 1. The GDP per capita gives us, the people a measure of the output of our country. The government takes the GDP and they divide it by the number of people in the country. For example, the GDP per capita in Mexico is 10,307.28. And the GDP per capita in France is 41,420.76.

2. The GDP is an indicator that is used to gauge the health of a country. For example, the GDP in Mexico is 1.261 Trillion. Another example is the GDP in France is 2.735 Trillion.

3. Higher life expectancy means people stick around longer and they can produce more money if there is a higher life expectancy rate. For example, the average life expectancy in Mexico is 77.14 years, and the average life expectancy in France is 82.57 years.

4. Higher literacy rates are an indication of general education, which in return affects the skill set of jobs and the type of economy we have. The more educated we are, the more developed our economy.

Question: 1. Describe economic development using GDP.

2. Describe economic development using GDP per capita.

3. Describe economic development using literacy.

4. Describe economic development using life expectancy.

Answer: 1. It represents the total dollar value of all goods and services produced over a specific time period.

2. A measure of the total output of a country that takes the GDP and divides it by the number of people in the country.

3. More literacy in a country means more knowledge in a country. For example, the literacy rate in Mexico is 86.1%. With a rank of 145/194. Also the literacy rate in France is 99%. With a rank of 37/194.

4. Higher life expectancy means you can work longer, make more money, and boost the growth of our economy.

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Different Economies

Question: Compare and contrast characteristics of communism and socialism?
Answer: Similarities: The government has control of something.

Differences: Communist/Negating the concept of ownership in capital goods.

Socialist/Individuals are compensated based on the principle of individual contribution.

Question: How are socialists and communists the same and different?
Answer: Similar: The government has control of something.

Difference: Communists/Negating the concept of ownership in capital goods.

Socialists/Individuals are compensated based on the principle of individual contribution.

Question: How can the Free Enterprise System affect the entire country?
Answer: Great Efficiency

Greater social well frame

Absence of monopoly practice

No business fluctuations

Question: What are some benefits of having a communist country and a Free Enterprise and socialist country?
Answer: In a communist country people are treated equally.

People are entitled to have jobs.

The government rules the economy so stability is out of the question.

Everyone is created equal.

Efficient distribution of resources.

In a Free Enterprise System workers can change careers and start a new business wherever the please.

Producers of goods and services are very efficient.

Various goods and services.

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Goods and Services

Question: Compare ways in which people
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Question: How do people organize the economic system?
Answer: There are three major ways the economic system can be organized: Market Economy, Command Economy, or a Mixed Economy. In a market economy, consumers and businesses decide what they want to produce and purchase in the marketplace. In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.

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