Question | Answer |
Economic system which believes that competition is good; it provides better quality and lower prices. | Capitalism |
Economic system where the government owns all of the businesses, mines and factories. | Communism |
Economic system where businesses are privately owned | Capitalism |
Economic system where most important industries (transportation, banking, mining) are owned by the government, but others are privately owned. | Socialism |
Economic system also known as a demand economy. | Capitalism |
Economic system also known as a mixed economy. | Socialism |
Economic system where the price of goods is whatever the market will bear. | Capitalism |
Karl Marx | Proposed the communist economic system |
Economic system of the United States | Capitalism |
Economic system where taxes are high to pay for all of the services (education, health care etc.) provided to citizens. | Socialism |
Sector of the economy which deals directly with natural resources. | Primary sector |
Economic activities which process natural resources to make something new belong to which sector of the economy? | Secondary sector |
Economic activities which provide services belong to which sector of the economy? | Tertiary sector |
People who buy and use products | Consumers |
The exchange of goods and services for other goods or money | Trade |
Goods produced at home and sold elsewhere | Exports |
The value of all the goods and services produced in a country in a year. | GDP |
The owners and workers in an economy are called the ____________. | Producers |
Nations with many industries and advanced technology | Developed nations |
How much the currency of one country is worth in another country | Exchange Rate |
A slowing of the economy where there is a decline in the GDP for 2 consecutive quarters. | Recession |
Goods produced elsewhere but sold at home. | Imports |
NAFTA and the EU | Trade alliances |
When a country's exports are greater than its imports. | Favorable balance of trade |
The percentage of the labor force that is not working at any one time | Unemployment rate |
A slowing of the economy where the GDP declines by 10% or more | Depression |