Economics

What is an Export?

• A product

• Something being shipped into the country

• A service

• Something being shipped out of the country

What is a Command Economy?

• No one is in control

• The government controls money, resources, prices etc.

• Everyone is in control

• Only a few are in control

What does it mean if something is scarce?

• There is a lot of it

• There is an unlimited amount of it

• There is not a lot of it

• There is only one of it

What is Production?

• Destroying something

• Selling something

• Making something

• Eating something

What has made Globalization easier today?

• Technology

• Resources

• Goods

• Services

What is a Mixed Economy?

• Neither Command or Market economies

• Both Market and Traditional combined

• Both Command and Market combined

• Both Traditional and Command

The study of Production, Distribution and Consumption of Goods and Services is known as what?

• Christianity

• Shark Tank

• History

• Economics

What is an Opportunity Cost?

• Something that is stolen

• Something given up in order to get something else

• Something that is lost

• Something that is made

What is Inflation?

• General rise in prices over time

• General decline in prices over time

• General fall in prices over time

• General nothing in prices over time

What is a Recession?

• General rise in economic activity

• Generally nothing in economic activity

• General fight in economic activity

• General decline in economic activity