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Government/Economy
Stack for Mr. Butler's Government and Economics Test
| Question | Answer |
|---|---|
| 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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