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BJU History 5 Ch 7
Study help for history test 7
| Question | Answer |
|---|---|
| Communism or Capitalism? A manufacturer makes what the government tells him to make. | COMMUNISM |
| Communism or Capitalism? The early days of colonial America had a government system similar to this modern government system. | COMMUNISM |
| Communism or Capitalism? There is no real competition between businesses in this system. | COMMUNISM |
| Communism or Capitalism? People can make their own choices about the way they earn money. | CAPITALISM |
| Communism or Capitalism? People wait in long lines for food. | COMMUNISM |
| Communism or Capitalism? A manufacturer makes a profit more easily in this system of government. | CAPITALISM |
| Communism or Capitalism? The economy tends to be stronger in this type of society because it is easier for supply to meet demand. | CAPITALISM |
| Communism or Capitalism? Prices may be low, but there may not be enough goods for everyone to purchase. | COMMUNISM |
| Communism or Capitalism? The gas stations near one another keep lowering prices to bring in more customers. | CAPITALISM |
| When there is not enough of a certain item that people need, what is that called? | SHORTAGE |
| Definition: What and how much the consumer wants to buy. | DEMAND |
| What exists when only one business sells a product? | MONOPOLY |
| What occurs when prices go up? | INFLATION |
| What is the extra money a company makes from its products called? | PROFIT |
| What is the word for the way a country handles its money and materials? | ECONOMY |
| What happens to a company when it spends more money than it makes? | BANKRUPT |
| Land, water, and sunlight are examples of what? | NATURAL RESOURCES |
| This man believed that in times of economic depression, government should spend money to help the economy. | JOHN MAYNARD KEYNES |
| When a person refuses to visit a grocery store because they don't have their favorite product, what is that called? | BOYCOTT |
| Name the central bank of the United States that controls the amount of bills and coins in circulation. | FEDERAL RESERVE SYSTEM |
| Is competition a negative result of the law of supply and demand? | NO |
| Does the government determine supply in the United States? | NO |
| Does business slow down when there is not enough money in circulation? | YES |
| What happened when settlers owned their own land instead of having group ownership? | They produced more because they wanted to provide for their families. |
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