Red
Blue
White
Green
Purple
100
What type of economy does the United States have?
Free Market Economy
100
--- is the amount of a product or service that is available.
supple
100
What are the main activities that make up an economy?
producing, buying and selling (or trading) goods and services
100
Manufacturing is mainly done in a ---.
factory
100
--- are towns or small cities near a large city.
Suburbs
200
What is another name for a "free market economy"?
Free Enterprise Economy
200
--- is the amount of a product or service that people want and are willing to pay for.
Demand
200
--- is the making of a product which is mostly done in factories.
Manufacturing
200
Give two examples of of a service industry job.
teaching and nursing
200
An --- area is a large city.
urban
300
A --- is the money that a business has left after it pays its bills.
profit
300
What causes the demand for a product to go up?
Many people want to buy the product.
300
--- Industries are businesses in which people are paid to do things for other people.
Service
300
--- areas are cities or near cities.
urban
300
What are the 3 factors of production?
natural resources, capital resources, human resources
400
When our country first began, most people were ...
working as farmers (agricultural workers).
400
Most people in the United States have --- jobs.
service
400
What is a profit?
the money that a business has left after it pays its bills.
400
What is supply as it relates to business?
The amount of a product or service that is available.
400
What is demand as it relates to business?
The amount of a product or service that people are willing to pay for.
500
What is a free market economy?
People are able to make, sell, or buy almost anything they want.
500
What is an urban area?
An area that is in a city.
500
What is a rural area?
An area that is in the countryside.
500
What is a suburb?
Towns and small cities near a large city.
500
What is the purpose of most businesses?
to make a profit.
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