F23 - Economic Systems

Match the term with its description:

• Goods

• Intangible offerings of businesses that can’t be held, touched, or stored.

• Revenues

• Money a business receives by providing services or selling goods to customers

• Profit

• Tangible items manufactured by businesses

• Services

• Costs for rent, salaries, supplies, transportation

• Expenses

• If revenue is greater than expenses

Match the term with its description:

• Economic Conditions

• Physical conditions in the environment that can impact businesses

• Natural Forces

• Unemployment rates, consumers' disposable income, and interest rates.

• Political Forces

• Tarrifs, taxes, subsidies

• Demographic factors

• The characteristics of a population that influence what goods or services are likely to do well with that group of potential customers.

Match the following

• Needs

• Cameras are becoming less common household items, for example

• Socio-cultural forces

• Things that are necessary to survive, like housing and food

• Discretionary income

• Things that we might buy with discretionary income

• Technological forces

• Belief systems and practices, customs, traditions and behaviors of potential customers

• Wants

• Money that consumers have left over for wants after paying for all their needs.

Match the term with its description:

• Price Signals

• _____ benefits provided by the government to producers, usually in the form of tax pardons or cash payments

• Subsidies

• ____ can reduce the amount of money that consumers have available to spend

• Tarrif

• ____ are the main control over supply and demand in a centralized economy

• Taxes

• ____ are the main control over supply and demand in a free market economy

• Government decisions

• Tax imposed by one country on the goods and services imported from another country.

Match the term with its description:

• CPI

• Prices that people pay for goods and services

• Household Income

• The price that you pay for borrowing money

• Cost of Living

• The average income earned per family.

• Standard of living

• The amount of goods and services people can buy with the money they have.

• Interest

• Measure of the average change over time in the prices paid by

Which of these is NOT included in measuring the quality of life:

• life expectancy

• educational standards

• health and sanitation

• leisure time

• consumer price index (CPI)

Which of these is NOT one of the four traditional factors of production that are common to all productive activity:

• natural resources

• labor

• capital

• entrepreneurship

• tarrifs

Match the term with its desciption:

• Natural resources

• The tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer

• Profit Motive

• Commodities that are useful inputs in their "raw" form

• Capital

• The primary incentive of most businesses

• Labor or human resources

• Economic contributions of people working with their minds and muscles

• Entrepreneurs

• People who combine the inputs of natural resources, labor, and capital to produce goods or services

Which of these is not one of the main types of economic systems:

• free market economy

• planned economy

• tragedy of the commons

• mixed economy

Match the term with its description:

• Capitalism

• Allows pitchers to throw curveballs, soccer players to bend kicks around defenders, and golfers to launch drives along near-triangular flight paths.

• Communism

• The government controls critical, large-scale industries such as transportation, communications, and utilities.

• Socialism

• Most decisions about what to make and sell, how to make it, and how much of it to make are controlled by the government

• An intense fear of being afraid

• Most decisions about what to make and sell, how to make it, and how much of it to make are left to private businesses.

• Magnus effect

• Phobophobia