F23 - Economic Systems

Match the term with its description:

• Expenses

• Tangible items manufactured by businesses

• Profit

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

• Revenues

• Costs for rent, salaries, supplies, transportation

• Goods

• If revenue is greater than expenses

• Services

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

Match the term with its description:

• Political Forces

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

• Demographic factors

• Tarrifs, taxes, subsidies

• Natural Forces

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

• Economic Conditions

• Physical conditions in the environment that can impact businesses

Match the following

• Wants

• Cameras are becoming less common household items, for example

• Socio-cultural forces

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

• Discretionary income

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

• Technological forces

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

• Needs

• Things that we might buy with discretionary income

Match the term with its description:

• Price Signals

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

• Government decisions

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

• Subsidies

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

• Taxes

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

• Tarrif

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

Match the term with its description:

• CPI

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

• Cost of Living

• The price that you pay for borrowing money

• Household Income

• Prices that people pay for goods and services

• Standard of living

• The average income earned per family.

• Interest

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

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

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

• Entrepreneurs

• The primary incentive of most businesses

• Labor or human resources

• Economic contributions of people working with their minds and muscles

• Capital

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

• Profit Motive

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

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:

• 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

• Capitalism

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

• An intense fear of being afraid

• Phobophobia

• Magnus effect

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

• Communism

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