Producers and Consumers

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This game is fun and engaging!! We will review econ terms from the unit: Producers and Consumers!

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Valerie Ona (Student)

Estados Unidos

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Producers and Consumers


Froggy Jumps Producers and ConsumersVersión en línea This game is fun and engaging!! We will review econ terms from the unit: Producers and Consumers! por Valerie Ona (Student) 1 What is a Producer? a A person, company, or country that makes, grows, or supplies goods for sale b A person who purchases goods and services for personal use c A person who doesn't spend money on food 2 What is a consumer a A person, company, or country that makes, grows, or supplies goods for sale b A person who purchases goods and services for personal use c A piece of bread 3 What is consumer sovereignty? a If customers buy it, companies keep making it; if they don't, production stops. b Unincorporated business that is owned and managed by a single person c A person, company, or country that makes, grows, or supplies goods for sale 4 What is the Circular Flow of Economic Activity a A model showing how money and goods move in a continuous loop between households and businesses b Unincorporated business that is owned and managed by a single person c Few legal requirements 5 What is Conglomerate a Profits (and losses) shared equally b A single business enterprise formed by combining firms from unrelated industries c Unincorporated business that is owned and managed by a single person 6 What is a cooperation? a Owned by 2 or more people b Can legally enter into agreements, own property, and be sued. c Profits (and losses) shared equally 7 What is a Sole Partnership? a Unincorporated business that is owned and managed by a single person b Profits (and losses) shared equally c A legal entity/nonperson 8 What is a partnership? a Profits (and losses) shared equally b Can legally enter into agreements, own property, and be sued. c A single business enterprise formed by combining firms from unrelated industries 9 What is a supply? a The amount of goods and services customers are willing and able to buy at a given price b Increases productivity, reduces production cost, increases supply c The amount of goods and services a producer makes available at a given price 10 What is a demand? a The amount of goods and services a producer makes available at a given price b The amount of goods and services customers are willing and able to buy at a given price c Increases productivity, reduces production cost, increases supply 11 What make costs of producing work? a Land, labor, capital, entrepreneurship b Increases productivity, reduces production cost, increases supply c The amount of goods and services customers are willing and able to buy at a given price 12 What is Technology? a Increases productivity, reduces production cost, increases supply b Land. labor, capital, entrepreneurship c The amount of goods and services customers are willing and able to buy at a given price 13 How does expected profit work? a Calculated by summing all potential profit/loss multiplied by their respective probabilities. b Substitutes goods, complementary goods c Mandatory payments to the government that increase costs reduce consumption,and raise revenue 14 Are the prices of other goods acting as substitutes or complements? a Substitutes goods, complementary goods b Mandatory payments to the government that increase costs reduce consumption,and raise revenue c Land. labor, capital, entrepreneurship 15 What are taxes? a Substitutes goods, complementary goods b Bread c Mandatory payments to the government that increase costs reduce consumption,and raise revenue 16 What does subsidies mean? a Mandatory payments to the government that increase costs reduce consumption,and raise revenue b Financial aid or payment from the government to individuals or businesses. This lowers costs. c Substitutes goods, complementary goods 17 What is Monopoly? a The point at which you have made enough to cover the cost of making the good or service b Single producer supplies product or service for which there is no close substitutes. c The amount of money that is needed to pay for or buy something 18 What is a Break-Even Point a the amount of money that is needed to pay for or buy something b the value a producer gives up to produce the good c The point at which you have made enough to cover the cost of making the good or service 19 What is a Profit? a the total revenue a firm receives from selling its products minus the total cost of producing it b the point at which you have made enough to cover the cost of making the good or service c the amount of money that is needed to pay for or buy something 20 What is Cost? a The total revenue a firm receives from selling its products minus the total cost of producing it b The amount of money that is needed to pay for or buy something c The value a producer gives up to produce the good 21 What is Revenue? a The point at which you have made enough to cover the cost of making the good or service b Income that a business has from its normal business activities (the sale of goods) c The point at which you have made enough to cover the cost of making the good or service 22 What does Price mean? a The amount of money that is needed to pay for or buy something b Price Leadership: dominant firm sets price and smaller firms follow c Price Leadership: dominant firm sets price and smaller firms follow 23 What is a Cartel a Producers get together to illegally set prices (price fixing) b Formal organization of producers that agree to coordinate prices and production; illegal in US c The value a producer gives up to produce the good 24 What is Collusion? a dominant firm sets price and smaller firms follow b Producers get together to illegally set prices (price fixing) c the value a producer gives up to produce the good 25 What is Price Leadership? a Producers get together to illegally set prices (price fixing) b Dominant firm sets price and smaller firms follow c Formal organization of producers that agree to coordinate prices and production; illegal in US

Producers and Consumers

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OPEN UP 6 UNIT 1 VOCABULARY

Froggy Jumps

Producers and ConsumersVersión en línea

por Valerie Ona (Student)

What is a Producer?

What is a consumer

What is consumer sovereignty?

What is the Circular Flow of Economic Activity

What is Conglomerate

What is a cooperation?

What is a Sole Partnership?

What is a partnership?

What is a supply?

What is a demand?

What make costs of producing work?

What is Technology?

How does expected profit work?

Are the prices of other goods acting as substitutes or complements?

What are taxes?

What does subsidies mean?

What is Monopoly?

What is a Break-Even Point

What is a Profit?

What is Cost?

What is Revenue?

What does Price mean?

What is a Cartel

What is Collusion?

What is Price Leadership?