Holt Sociology, Chapter 13.1: Economics Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Economic Institution | the system of roles and norms that a society develops to govern production, distribution, and consumption of goods and services
🗑
|
||||
| Factors of Production | resources needed to produce goods and services: Land, Labor, Capital, and Entrepreneurship
🗑
|
||||
| Primary Sector | the extraction of raw materials from the environment. Ex: fishing, mining, farming, etc.
🗑
|
||||
| Secondary Sector | the use of raw materials to manufacture goods
🗑
|
||||
| Tertiary Sector | providing services
🗑
|
||||
| Capitalism | factors of production are owned by individuals rather than by the government. Forces of profit and competition regulate economic activity
🗑
|
||||
| Socialism | factors of production are owned by the government, which regulates economic activity
🗑
|
||||
| Law of Supply | producers will supply more products when they can charge higher prices and fewer products when they must charge lower prices
🗑
|
||||
| Law of Demand | consumers will demand more of a product as the product decreases, but will demand less of a product as the price increases
🗑
|
||||
| Laissez-Faire Capitalism | literally, “let the people do as they choose” – pure capitalism
🗑
|
||||
| Free-Enterprise Systems | Minimal interference from government, but there are regulations to protect consumers and promote fair business practices
🗑
|
||||
| Communism | a political and economic system in which property is communally owned
🗑
|
||||
| Totalitarianism | those in power exercise complete authority over the lives of individual citizens
🗑
|
||||
| Corporations | a business organization that is owned by stockholders and is treated by law as if it were an individual person
🗑
|
||||
| Oligopoly | the market situation where a few large companies control an industry
🗑
|
||||
| Protectionism | the use of trade barriers to protect domestic manufacturers from foreign competition
🗑
|
||||
| Free Trade | trade that is not restricted by trade barriers between countries
🗑
|
||||
| Multinational | a corporation that has factories and offices in several countries
🗑
|
||||
| E-Commerce | business conducted over the Internet, based on information instead of the traditional factors of production
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
tylerdaun
Popular Miscellaneous sets