Unit 2 PPT Assignment

Multiple Choice

Why is physical capital important for technological advancement in societies like Wakanda?

• It increases the efficiency of production and innovation.

• It allows for more leisure time.

• It reduces the need for education.

• It eliminates the need for natural resources.

Open Ended

How do inventions like the Super Soaker demonstrate the role of physical capital in the production process?

Multiple Choice

Which invention is Lonnie G. Johnson most famous for?

• Thermoelectric Energy Converter

• Super Soaker

• Air Pressure Pump

• Solar Panel

Multiple Choice

Which of the following must be true for something to be considered scarce?

• It must be expensive and rare.

• It must be limited and desirable.

• It must be unlimited and accessible.

• It must be produced by the government.

Open Ended

Explain how the concept of scarcity relates to the availability of resources and people's wants.

Multiple Select

Which of the following are characteristics of a market economy?

• Government determines prices

• Citizens choose how to spend money

• Government provides only basic needs

• Deregulation: No government oversight

Multiple Choice

Which of the following best describes a traditional economy?

• Decisions are made based on customs and traditions, with jobs passed from parent to child and money rarely used.

• The government controls all economic decisions and owns all resources.

• Businesses and consumers freely make all economic decisions with no government involvement.

• A mixture of government and private businesses make decisions.

Open Ended

Explain how most governments participate in a mixed economy when answering the three basic economic questions.

Multiple Select

Which of the following are characteristics of a mixed economy?

• Both government and private businesses make decisions

• Government completely controls all business behavior

• It is the most common economic system

• Money is rarely used

Open Ended

Briefly explain what roles 'Households, Factor Market, Product Market' play in the U.S. Economy and Business Flow Chart.

Multiple Choice

Which of the following best describes the two-sector circular flow diagram?

• It shows how money flows between businesses and households.

• It explains how government regulates the economy.

• It illustrates international trade between countries.

• It focuses on banking and financial institutions.

Multiple Choice

What are the main components of the circular flow diagram as shown in the images?

• Households, Businesses/Firms, Resource/Factor Market

• Government, Banks, Households

• Businesses/Firms, International Trade, Resource Market

• Households, Banks, Product Market

Multiple Select

Which of the following are characteristics of money?

• Durable

• Divisible

• Portable

• Uniform

Open Ended

Explain how money serves as a store of value and why this characteristic is important in an economy.

Open Ended

Describe one way in which government is involved in the circular flow of money, based on the diagram.

Open Ended

This image shows the “Circular Flow” of the economy. Briefly explain what role “Households” play in the U.S. economy.

Multiple Choice

Which of the following best describes the interdependence between Households, Businesses, and Governments in the circular flow model?

• They operate independently with no interaction.

• They interact only through the exchange of goods.

• They are interdependent and interact through flows of goods, services, and money.

• Only Households and Businesses interact, Governments do not participate.

Open Ended

What is the role of Money and how does money facilitate exchange?

Open Ended

What are the basic laws of supply and demand?

Multiple Choice

Supply and demand is how economists track the dividing of resources & their value within a society. What are the two main goals when analyzing supply and demand?

• To determine government policy and set prices.

• To find out how much of a product is available and if the demand for that product is strong.

• To increase production and reduce costs.

• To maximize profits for businesses only.

Multiple Choice

Which of the following is NOT one of the four factors of production?

• Land

• Labor

• Physical Capital

• Weather

Open Ended

Reflecting on today's lesson about the four factors of production, which aspect of physical capital do you think is most important for technological advancement, and why?