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Ch. 4
Question | Answer |
---|---|
Which government branch enforces laws? | Executive Branch |
Which government branch decides if laws agree with the constitution? | Judical Branch |
Which government branch makes laws and controls taxes and spending? | Legislative Branch |
What are the 4 factors of production? | Entrepreneur, labor resources, natural resources, and capital resources |
What is the natural resources? | raw materials |
What is labor resources? | Workers |
What is an entrepreneur? | People that bring labor, natural, and capital resources together |
What is the capital resources? | Machines, factories, and supplies needed |
What is the free enterprise /market economy? | Business people that compete with little government interference |
What are the 2 factors of production? | Natual& labor resources |
Who are the consumers? | the people/ customers |
What is the gdp? | it's the measure of a country's economy |
What is profit? | it's the money that remains after all bills are paid |
What is competition? | is the rivalry among businessesto sell goods to consumers and make the greatest profit |
What is an immigrant? | is someone who choosesto move to another country |
What |