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Chapter 9 lesson 2

Elements of Our Economy

QuestionAnswer
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
Created by: historyB
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