economics understandings to play the game, go to the next slide and click on an point value to go to...
TRANSCRIPT
Economics Understandings
To play the game, go to the next slide and click on an point value to go to a question.
To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
Types ofEconomies
National Economies
InternationalTrade
CapitalInvestments
Vocabulary
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TradeBarriers
Team 1 Team 2 Team 3 Team 4 Team 5
Wager Wager Wager Wager Wager
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What type of economy uses customs and
habits of the past to make economic
decisions?
Traditional Economy
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In what type of economy do
individuals or corporations make
economic decisions?
Market Economy
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What type of economy relies on planning
groups to make basic economic decisions?
Command Economy
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What type of economy does Cuba have?
Command Economy
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What type of economy does Mexico have?
Market Economy
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In Cuba, who decides how goods and services will be
produced?
The government
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In Brazil, who decides the prices for goods and
services?
Buyers and sellers based on
supply and demand
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In which Latin American country do
individuals or corporations have the most difficulty starting
private businesses?
Cuba
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What type of businesses are owned by the
government in Brazil?
Larger industries, e.g., steel
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Why is there a problem protecting property rights in
Brazil?
The country has a poor court system.
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What type of trade barrier results in taxes on imports?
Tariff
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What type of trade barrier results in limits placed on the number of imports that can
enter a country?
Quota
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What type of trade barrier involves a
government order to stop trade with another country?
Embargo
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What term refers to the voluntary
exchange of goods and services?
Trade
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Why did the United States put an embargo on Cuba?
To force the country to give up communism
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What is the purpose of NAFTA?
To create a large free trade zone
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What is the term for money that people
use in a given country?
Currency
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What is the currency of Mexico?
Peso
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What is the currency of Brazil?
Real
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Why do people exchange currency?
To buy and sell goods and services
with foreign countries
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What are two examples of human
capital?
Education, skills, training
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Why is it important for a country to invest in human
capital?
Countries experience more economic growth when workers are well
trained.
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What are two examples of
physical capital?
Factories, machines,
technologies, buildings, property scor
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What is the GDP (Gross Domestic
Product)?
The total value of all the goods and services produced in a country
in one year.
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What happens when a company invests
in technology?
It can produce more at a lower cost.
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What term describes the difference
between income and expenses?
Profit
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What term is used to describe a production method in which each worker specializes in making one part of a
product?
Division of labor
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What is the name of a person who risks
money and resources to start a business?
Entrepreneur
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What term is used to describe costs that are related to a business?
Expenses
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What term is used to describe a
condition in which the supply of a
product is limited?
Scarcity
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Make your wager on the scoreboard
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Final Question
What are the three basic economic
questions?
• What goods and services will be produced?
• How will goods and services be produced?
• Who will consume the goods and services?
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