Factors of Production
all natural resources used to produce goods and services
What is land?
Businesses operate with little government interference
What is free enterprise?
government by the people
What is democracy?
H2O
What is water?
the natural features of the land's surface
What are landforms?
land, labor, capital, entrepreneurship
What are factors of production?
Government provides major services but allows some private business.
What is socialism?
a form of government where power is held by one leader or a small group, with limited freedoms for citizens.
What is authoritarianism?
A fossil fuel that forms underground from partially decomposed plant material
What is coal?
A landform with high elevation and high relief.
What are mountains?
Human effort directed toward producing goods and services
What is labor?
The government controls all industries and resources.
What is communism?
a form of government where the government controls all aspects of life, with no participation from citizens.
What is Totalitarianism?
A liquid fossil fuel formed from marine organisms that is burned to obtain energy and used in the manufacture of plastics.
What is oil?
a piece of land surrounded by water
What is an island?
tools, equipment, machinery, money
What is capital?
Limited resources force choices. Not enough food.
What is scarcity?
a government whose powers are restricted by laws or a constitution.
What is limited government?
material from trees
What is wood?
A narrow strip of land connecting two larger land areas.
What is an isthmus?
A person who starts up and takes on the risk of a business
What is an Entrepreneur?
The resources needed to produce goods and services.
What are factors of production?
a government with no limits on its power, often controlled by a single authority.
What is unlimited government?
Mineral from earth
What is gold?
low land between hills or mountains
What is a valley?
Items purchased to satisfy needs and wants
What are goods?
Individuals and Businesses
Who makes the decisions in the United States?
a system or organization that directs and manages a community or country.
What is government?
Nutrients that occur naturally in rocks and soil
What are minerals?
An extremely dry area with little water and few plants
What is a desert?
Actions or activities that one person performs for another
What are services?
Mix (Government & Businesses)
Who makes the decisions in Sweden?
Rules established by the government to control business practices.
What is Government Regulation?
The shared beliefs, customs, practices, and social behavior of a group.
What is Culture?
an area of high, flat land
What is a plateau?
Limited quantities of resources to meet unlimited wants
What is scarcity?
Government
Who makes the decisions in Cuba?
The ability of people and businesses to make their own economic choices.
What is Economic Freedom?
The characteristics that define a culture, including language, religion, traditions, and values.
What is Cultural Traits?
A region drained by a river system
What is a basin?
Giving up one thing for another
What is trade-off?
Minimum wage laws and consumer safety.
What is an example of government involvement in the United States?
The part of the economy controlled by businesses and individuals
What is the Private Sector?
A society that includes multiple cultural groups and promotes diversity.
What is Multiculturalism?
A large, flowing body of water that usually empties into a sea or ocean.
What is a river?
whatever must be given up to obtain some item
What is opportunity cost?
Entrepreneurship
What is an example of individual freedom in the United States?
The part of the economy controlled by the government.
What is the Public Sector?
The sense of belonging to a particular culture or group.
What is Cultural Identity?
a large body of water surrounded by land
What is a lake?
Distribution of labor across different sectors.
What is labor cost?
Government healthcare & social services
What is an example of government involvement in Sweden?
An economy that blends elements of free enterprise and government control.
What is a Mixed Economy?
The presence of multiple cultures in a society.
What is Cultural Diversity?
a body of land with water on three sides
What is a peninsula?
a process of comparing the benefits and costs of a decision
What is cost-benefit analysis?
Government controls wages, production, and jobs.
What are examples of government involvement in Cuba?
A spectrum showing how economies exist between free enterprise and communism.
What is a Economic Continuum?
The way traditions, customs, and ideas evolve over time.
What is Cultural Change?
Study of the earth
What is geography?
Distribution of resources among various uses.
What is resource allocation?
Private businesses and government controlled businesses.
What is a mixed economic system?
When people adjust their traditions, customs, or behaviors in response to new influences.
What is Cultural Adaptation?
a forest with heavy annual rain fall
What is a rainforest?
a step-by-step process to analyze choices
What is a decision making model?
The spread of cultural traits from one society to another.
What is Cultural Diffusion?
A large body of salt water
What is an ocean?
advantage
What is a benefit?
huge, slow moving sheets of ice
What are glaciers?