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Ch. 4

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
Created by: 17cverih