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Stack for Mr. Butler's Government and Economics Test

The things necessary for a good to be produced. (land, labor, capital, etc.) factors of production
Something that someone does for you. service
Doing a job for which you receive payment labor
Goods being brought into a country for manufacturing or sale import
Goods being sent out of a country for manufacturing or sale export
In this type of economy, businesses decide what products to sell, where to sell them, and what they cost. Free Enterprise System
The main reason a business exists in a free enterprise system is to... make a profit
Another word for Communist Economy Command Economy
The motivation for a person in a free enterprise system to work hard and better themselves. Profit Motive
Goods that you can hold in your hand or touch. tangible objects
Services that you cannot hold in your hand or touch. intangible objects
The owner of a business that takes the risks in order to make a profit. entrepreneur
Anything you use to produce a good that comes from mother nature. Land
Any object or tool that you use to produce a good. Capital
A form of government where the people play a daily role in government Direct Democracy
This government gets things done as quickly and easily as possible while caring little about human rights in the process. Dictatorship
This form of government is a mix between a royal family and a group of elected representatives. Constitutional Monarchy
In this type of economy, people simply work to survive. Traditional Economy
Capital, Land, Labor, and Entrepreneurship are the ________. Factors of Production
Another word for Free Enterprise System Capitalist economy or Market economy
In this type of government, a group of people is in power. Oligarchy
A junta is an example of what type of government? Oligarchy
A government where a king and/or queen has absolute power. Traditional Monarchy
A government where citizens vote to elect representatives to operate government on their behalf. Representative Democracy
The amount of a good available to the public. supply
The desire by the public to purchase a good. demand
Businesses like farming and ranching that make use of natural resources. Agricultural Industry
Makes use of natural resources to make goods. Manufacturing Industry
Provides help and services directly to the public; items that cannot be made. Service Industry
Created by: stevenbutler



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