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All about the economy

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  • What is the diagram representing?
    The circular flow of economic activity.
  • How do we call the general increase in the prices that is persistent?
    We call it inflation.
  • What do silviculturists cultivate? What for?
    Silviculturists cultivate forests to obtain products like wood, paper, resin and cork.
  • How is it called the income that people earn when they work?
    It is called wages or salary.
  • The business deparment in charge of the budget is called...
    finance.
  • How did artisans make products?
    Artisans made products by hand.
  • What is an entrepeneur?
    An entrepeneur is a person who thinks of an idea for a business.
  • What economic sector does a job in which someone sells a product or a service belong to?
    It belongs to the tertiary sector.
  • What was the result with the use of the steam engine in the production process?
    The result was the mechanisation of work.
  • What do consumers do according to the law of demand?
    Consumers buy more of a product when the price is lower.
  • What is the result of inflation?
    The result is that you need more money to buy the same product than you needed before.
  • Commerce, distribution and transport are examples of...
    activities in the tertiary sector.
  • What economic sector do teachers and doctors belong to?
    They belong to the tertiary sector.
  • What is the most important economic sector in Spain nowadays?
    The most important economic sector in Spain is the tertiary sector.
  • Which are the three types of capital we know?
    The three types of capital we know are capital goods, financial capital and technological capital.
  • What led to mass production of goods?
    The inventions of electricity and the assembly line.
  • The _________________ includes all the people between the ages of 16 and 67 who are physically able to work.
    active population
  • What SME types do we know?
    Family businesses, cooperatives and limited-liability companies (LLC).
  • How is it called the quantity of goods or services that producers offer at a certain price?
    It is called supply.
  • Explain the meaning of demand.
    Demand is the quantity of goods or services that consumers want to buy at a certain price.
  • When you spend less than you earn, you can...
    save the extra money.
  • What type of expenses are food, petrol and household bills?
    They are fixed expenses.
  • Name at least three natural resources.
    Water / Air / Minerals / Plants / Animals
  • How is it called a loan from the bank for buying a house?
    It is called a mortgage.
  • Where can producers and consumers exchange goods and services?
    Producers and consumers can exchange goods and services in the market.
  • The department in charge of hiring or training the employees is called...
    human resources.
  • What do businesses should protect and respect?
    Businesses should protect and respect their employees' rights.
  • Finance, human resources, marketing, research & development and productions are...
    the different departments that businesses usually have.
  • What do bussineses often do with other businesses that offer similar products?
    They compete trying to become the best brand.
  • What activity is the third source of income in Spain's economy?
    Tourism.
  • What people does inactive population include?
    Inactive population includes all the people who are unable to work.
  • What are the three economic agents in the economic system?
    The three economic agents in the economic system are households, businesses and the state.
  • How are irregular expenses that you cannot predict called?
    They are called unexpected expenses.
  • What law is it when producers charge higher prices to increase their profits?
    It is the law of supply.
  • What is the meaning of loan?
    A loan is a temporary credit.
  • The tertiary sector is also known as...
    the service sector.
  • What was the most important economic sector in the past?
    The most important economic sector in the past was the primary sector.
  • The economy is a system in which businesses provide ________ and ________ which people buy and use to satisfy their needs.
    goods / services
  • What economic sector do activities like fishing, mining or silviculture belong to?
    Activities like fishing, mining or silviculture belong to the primary sector.
  • Name two examples of technological capital.
    Software and websites.
  • In which system is sustained inflation common?
    In growing economies.
  • What does the state collect from businesses and households?
    The state collects taxes.
  • In which economic sector do we obtain raw materials?
    In the primary sector.
  • What type of workers does digital technology require?
    Digital technology requires highly-skilled workers.
  • If someone doesn't have an employer it is known as...
    a self-employer.
  • Who is in charge of raising cattle, pigs or chickens, primarily for food?
    Livestock farmers.
  • What do you need to have a credit card?
    You need to open a current account.
  • What economic sector do factory workers or artisans belong to?
    They belong to the secondary sector.
  • How is it called the work that people do in the production of goods and services?
    It is called labour.
  • How are people that help others by working in associations without getting any money called?
    They are called volunteers.
  • ________________ is a payment that you make for goods or services with the money you carry with you.
    Paying in cash
  • What is it transformed in the secondary sector?
    The raw materials or natural products are transformed into manufactured products.
  • What type of payment you do when you borrow the money from the bank to buy something?
    Paying by credit.
  • What do we need to produce goods and services?
    We need resources.
  • Name four different types of commerce.
    Local shops, hypermarkets, national trade and international trade.
  • Businesses with more than 250 employees are called...
    large enterprises.
  • Name three consumer expenses.
    Fixed expenses, variable expenses and unexpected expenses.
  • What is established when supply and demand are equal?
    It is establish the final market price or the equilibrium price.
  • The businesses that sell products to other businesses are called...
    suppliers.
  • What instrument is it used in river fishing?
    It is used a fishing rod.
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