F23 - Economic Systems

Match the term with its description:

• Services

• Costs for rent, salaries, supplies, transportation

• Expenses

• If revenue is greater than expenses

• Goods

• Tangible items manufactured by businesses

• Profit

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

• Revenues

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

Match the term with its description:

• Economic Conditions

• Physical conditions in the environment that can impact businesses

• Political Forces

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

• Natural 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

• Wants

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

• Socio-cultural forces

• Cameras are becoming less common household items, for example

• Needs

• 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

• Discretionary income

• Things that we might buy with discretionary income

Match the term with its description:

• Tarrif

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

• Subsidies

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

• Government decisions

• _____ 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

• Price Signals

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

Match the term with its description:

• Household Income

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

• Standard of living

• The price that you pay for borrowing money

• CPI

• Prices that people pay for goods and services

• Cost 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:

• Profit Motive

• Economic contributions of people working with their minds and muscles

• Entrepreneurs

• The primary incentive of most businesses

• Natural resources

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

• Labor or human resources

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

• Capital

• 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:

• An intense fear of being afraid

• Phobophobia

• Socialism

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

• Communism

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

• Magnus effect

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

• Capitalism

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