Economy Unit 1 Review Jeopardy Template

types of economy	supply and demand 1	supply and demand 2	Interdependence	vocabulary
100 What is a market economy What type of economy is the United States?	100 decrease When demand for a product is high, does the supply increase or decrease?	100 A good is something you can physically touch while a service is something another person does for support or help. What is the difference between a good and a service?	100 A country is sending a good out of the country. What does it mean to export a good?	100 What is budget An estimate or plan of spending is called what?
200 What is traditional economy What type of economy follows tradition.	200 it decreases When a supply for a product is high but the demand is low, what happens to the price?	200 What is division of labor What is a technique people use in businesses to produce more goods quickly and effectively.	200 A country is bringing a good into the country. What does it mean to import a good?	200 What is production What is the act of making goods and materials?
300 What is command economy What type of of economy is run by a leader that decides how business are run.	300 The price increases as does the supply When an item is popular such as silly bands a couple years ago, what happens to the price and supply?	300 supply and demand What two things are the prices of an object determined by?	300 Different countries depend on one another to make money within their country What is interdependence?	300 What is interdependence What is called when countries work together to import and export goods to help their economy?
400 What is aborigines, underdeveloped countries. A traditional economy is where people produce most of what they need to survive.Hunting and gathering, farming, and herding cattle are the bases of traditional economy. People hunt for the food they eat or rai Where would you find a traditional economy?	400 It decreases the supply because there is not a lot of the good, so the price increases. When an item is scarce, how does it affect the supply and the cost?	400 What is specialization. What is it called when a company focuses on one main area of business.	400 What is lumbar, oranges...etc. What is a good that other countries import from the United States?	400 What is economy What is the wealth and resources of a country called?
500 What is China, North Korea, and Soviet Union. Name a country that is considered a command economy?	500 When there is scarcity of the product, or the demand is so high the production cannot keep up. When might a demand exceed a supply?	500 What is a pediatrician, tissue, etc. What is an example of specialization?	500 They will not receive the goods they need to and that could impact their economy. How might a drought in the US affect that of interdependent countries?	500 What are raw materials What are materials or substances found in nature called?

economy unit 1 review

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