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Chapter 9 lesson 2
Elements of Our Economy
Question | Answer |
---|---|
What is the word use for people who start and own businesses? | Entrepeneurs |
Name the four types of resources that must work together before something can be sold as a good or a service. | 1. Natural Resources, 2)Capital Resources, 3)Human Resources, and 4)Entrepeneurs |
What is the resource called if you have bought something (like tools) to MAKE something else? | Capital Resource |
What are Human Resources? | Employess. People who work for a business. |
The costs in materials and labor need to make a product are called___? | Expenses |
The money that is left over after all expenses are paid is called what? | Profit |
What is "Division of Labor"? | When the work (labor) is divided among many people |
What is specialization? | When people only produce one kind of product or are skilled at only one job |
Give an example of specialization in farming. | Sugar Beet farmers only grow sugar beets. Potato farmers only grow potatoes. |
Which governor resigned his term in office in 1977 to become the Secretary of the Interior at the request of President Jimmy Carter? | Cecil Andrus |
Name the second Idaho governor to be named, by President George W. Bush, as Secretary of the Interior, in 2006. | Dirk Kempthorne |
How is the number of Representatives from each state determined? | By population |
Which Idaho Senator was defeated by Jimmy Carter in the 1976 presidential election? | Frank Church. |
Which Idaho governor created the Idaho Department of Parks and Recreation? | Robert E. Smylie |