1.6 - Economics
Bob's family owns a dairy farm. Do they provide goods or services
goods
When a country is highly developed economically, will the standard of living will be high or low?
A _____ is a group of people who have the power to make and enforce laws for a country or area.
government
Is paying taxes a right or responsibility of citizenship?
responsibility
What is a primary source?
something created by someone who lived through the event or time period
_____ use resources to make goods and services, while _____ use income to purchase goods and services.
Producers, consumers
What is a tariff?
a tax on imports and exports
True or False: The United Nations (UN) brings nations together to solve problems peacefully.
true
Is voting a right or a responsibility of citizenship?
right
Give an example of a primary source.
diary entry, letter, newspaper article, photograph, etc.
Which type of economic system has the highest level of government control: command, market, mixed, or traditional?
command
What is an embargo?
a ban on trade within a country
What are the three branches of the U.S. government?
legislative, executive, and judicial
How can a middle school student participate in civic life? Give at least two examples.
clean up trash, host a food drive, volunteer at a nursing home, stay informed on current events, etc.
What is a secondary source?
something created by someone who did not live through the event or time period
Increasing this makes it possible to make more goods and services with the same amount of labor.
capital (money and human-made goods such as machinery and buildings)
What is gross domestic product (GDP)?
the total value of all goods and services produced in a country in a year
What is the difference between unitary and federal governments?
unitary=central government makes all laws
federal=power is more evenly distributed
In the United States, our basic rights are protected by the _____.
Bill of Rights (the first ten amendments to the U.S. Constitution)
Give an example of a secondary source.
documentary, essay, biography, etc.
Does an increase in demand drive prices up or down? Will this increase or decrease supply?
up, increase
Are most nations developed or developing? A country can develop by increasing _____.
developing, productivity
A democratic government must balance _____ with _____.
majority rule, minority rights
E. PLURIBUS UNUM signifies the unity of a diverse nation. What does it mean?
"out of many, one"
What is an artifact? Give an example.
an object made by a human being
jewelry, tool, utensil, weapon, etc.