HSA Terms-Mr. C-4A
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is a command economy? | An economy where the government makes all economic decisions.
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| What is a market (capitalism) economy? | An economy where most economic decisions are made by buyers and sellers.
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| What is a traditional economy? | An economy based on tradition and customs.
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| What kind of economy does the USA have? | Market
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| What kind of economy does North Korea have? | Command
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| What kind of economy would you find in a tribal area? | Traditional
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| What is profit? | The difference between revenue from sale of a good or service and cost of providing it.
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| What are consumers? | buyers and sellers
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| What is an entrepreneur? | The person who accepts the risk of starting, organizing, and operating a business.
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| What are the four factors of production? | Human Resources, natural resources, capital resources, and entrepreneurship
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| What Scottish economist popularized the ideas about a free market system? | Adam Smith
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| What does economic freedom mean? | People are free to make economic choices, such as choosing a job, owning property, and/or making a profit.
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| What does economic growth lead to? | A higher standard of living.
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| What does economic stability mean? | That prices do not rise or fall a great deal.
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| What does economic equity mean? | That everyone has access to the same economic opportunities.
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| What is economic security? | That you have a stable income so that you can live comfortably now and in the future.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
rdchiar
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