terms
levels of gov't
Economics
Economics 2
more terms and people
100
an economic system where businesses compete with each other. Individuals own and run their businesses.
What is free enterprise or capitalism
100
This level of government is in charge of choosing which subjects students study in school.
What is State
100
What is a system of producing and distributing good and services called?
an economy
100
How does competition in free enterprise affect the economy?
Competition keeps prices reasonable and quality high.
100
Money earned for doing a job is called what?
a wage
200
Tax paid based on what a person earns
What is income tax
200
This level of government is in charge of Police.
What is local government?
200
What are the four factors of production?
land, capital, labor, entrepreneurship
200
What type of economy would a rural, developing country most likely have?
a traditional economy
200
Money gained from work or other sources is called this.
income
300
Tax people people pay when they make a purchase
What is sales tax
300
This level of government inspects our food to make sure it is safe to eat.
What is national government?
300
What are NJ's three most important industries?
pharmaceuticals, technology, food
300
In what type of economy do the government and business play important roles?
a mixed economy
300
Money paid to the government which is used for services such as highway maintenance, libraries, and schools is called
tax
400
a plan that balances expenses and income
What is a budget
400
This level of government is in charge of keeping bridges safe.
What is state government?
400
What is an economist?
A person who studies economic systems.
400
Factories, equipment, and money are examples of what?
capital
400
Name the very important shipping center located in New Jersey.
Port Elizabeth
500
a person or organization that needs and wants goods and services
What is a consumer
500
This level of government makes sure our libraries have the money they need to stay open.
What is local government?
500
What is the term for the value of all the goods and services produced by a state?
Gross state product
500
Who contributes to the economy by producing goods and services and bringing them to market?
workers or laborers
500
This important economist wrote "The Wealth of Nations", which discusses several basic ideas about economics.
Adam Smith
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