need s.s. flash cards 4 homework
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economy | Way nation makes economic choices about resources and how they will be produced/distributed/used
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| Market | Resources based on individual and make their decisions
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| Command Economy | All resources based collectively owned and directed by government
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| Traditional Economy | Goods & services produced for personal consumption
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| Mixed Economy | Economy that is a combo of command, market, and traditional
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| Entreprenuer | Person who risks money to produce a good
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| Invesment | the investing of money in order to gain profit
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| Barter | the exchange of goods and services to others
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| Quota | Restrictions on the amount of goods that could be bought
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| Tariff | a tax placed on imported goods
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| Embargo | to forbid trade with a country
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| Currency | Paper or coins that a country uses for its money supply
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| Scarcity | A condition of limited resources and unlimited wants by the people
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| Human Captial | People who perform labor
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| Capital | Refers to wealth, in particular wealth that can be used to finance the production of goods and services
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| Specialization | Concentration on a narrow range of products and/or services
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| GPD | Total market value of all goods and services produced in a country in a given year
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| Capitalism | Individuals privately own most resources
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| Socialism | State owns all the resources
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| Communism | Whole community owns all resources
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| OPEC | Organization of petroleum exporting countries. Established in 1960 to control the supply and income of oil producing countries.
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| Diversified | Economy based on a variety of things like manufacturing/agriculture/trade.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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