FinLit Kids session 4

It Is an economic system in which the status/occupations of people are determined by birthright. This created a situation in which a king owned not only the land but what people produced as well.

• Capitalism

• Feudalism

• Mercantilism

• Socialism

It Is an economic system in which wealth is gained by adding value and trading. Production is specialized, therefore, products became better and cheaper to make.

• Capitalism

• Mercantilism

• Feudalism

• Socialism

It is a form of involuntary payment to the various transactions that people make in an economy that is imposed upon the people by the government.

• Workforce

• Certification

• Taxation

• Donation

Fill in the blanks: When people have access to ______ services, they can receive treatment for illnesses, prevent the spread of diseases, and maintain their physical and mental health.

• Education

• Public Transportation

• Creative Industries

• Healthcare

A wide range of fields, from music and film to design and advertising. These industries are responsible for producing cultural and artistic products that are not only enjoyable to consume but also contribute significantly to the economy.

• Creative Industries

• Education

• Energy

• Government

It is where a large number of buyers and sellers participate in the market, and there is no single dominant player that can influence the price of goods or services.

• Monopoly

• Duopoly

• Perfect Competition

• Monopsony

This is a single company or entity that dominates the market and has no significant competition.

• Perfect Competition

• Monopoly

• Oligopoly

• Cartel

It is a group of firms colluding to act as a single entity in order to control the market and maximize profits.

• Monopsony

• Oligopsony

• Monopolistic Competition

• Cartel

It is a pricing strategy used by firms to charge different prices to different customers for the same product or service, based on their willingness to pay.

• Collusion

• Product Differentiation

• Price Discrimination

• Network Effects

This is the extent to which consumers can identify a brand by its name, logo or design.

• Brand Recognition

• Intellectual

  Property Rights

• Economies of Scale

• Predatory Pricing