Slide 1

ReviewJeopardy

Economic GoalsFactors of Production Part 1Factors of Production Part 2Economic Systems1111722228333344445555666

An economic system that focuses on giving individuals in that society the ability to make their own economic decisions without interference from the government is pursuing this economic goal.What iseconomic freedom?A human resource provided by someone like an accountant or lawyer is referred to as this type of human resource.What ismental activity?3 possible answers2 possible answersAn economic system that focuses on allocating its resources in such a way that the greatest number of consumers get what they want with the least amount of waste is pursuing this economic goal.What iseconomic efficiency?3 possible answersA human resource provided by someone like a construction worker or worker on an assembly line is referred to as this type of human resource.What isphysical labor?This is who determines the answers to the 3 basic economic questions in a modern command economy.Who arecentral planners (government)?3 possible answersAn economic system that focuses on policies that seek a fair and equitable distribution of the countrys wealth is pursuing this economic goal.What iseconomic equity?A natural resource like sunlight or wind that is widely available and in no danger of being used up is referred to as this type of natural resource.What is aperpetual resource?The level of skills possessed by an individual worker is referred to as this.What ishuman capital?2 possible answersAn economic system that focuses on producing more and better goods & services that will ultimately result in a higher standard of living is pursuing this economic goal.What iseconomic growth?A natural resource like plants or livestock that can be replaced as it is being used is referred to as this type of natural resource.What is arenewable resource?Capital resources like machinery or equipment or inventories used to produce final products are referred to as this type of capital resource.What isphysical capital?This is who determines the answer to the basic economic question of What To Produce in a market economy.Who areconsumers?An economic system that focuses on providing the less fortunate with the support they need in terms of food, shelter, and health care in order to live decently is pursuing this economic goal.What iseconomic security?The 3 basic economic questions answered by each economic system.What areWhat To Produce,How To Produce,andFor Whom To Produce?The money a business has available to start and operate a business and do things like pay employees or purchase inventory is referred to as this type of capital resource.What isfinancial capital?This is who determines the answer to the basic economic question of How To Produce in a market economy.Who areproducers?An economic system that focuses on eliminating economic uncertainty is pursuing this economic goal.What iseconomic stability?This is the term used to measure the level of output per unit of input.What isproductivity?This is what determines the answer to the basic economic question of For Whom To Produce in a market economy.What is theprice system?The 2 primary economic goals of a market economy.What areEconomic FreedomandEconomic Efficiency?The 3 main roles of government in a mixed economy.What areestablishing institutions that enable markets to operate,protection & regulation,andproviding public goods?Jeopardy!Game Show ThemesClassic TV Game Show ThemesShowtunes130042.43, AG# 31BABD30jboardfillOther3709.3938