Money Matters
This term describes why people are willing to take risks to start businesses and earn money.
What is the profit motive?
Raw materials like trees, water, and minerals used to make goods.
What are natural resources
This type of economy is associated with private ownership and free markets (Taiwan).
Capitalist Economy
Farming milk from dairy cows is an example of this industry.
Primary Industry
How is money stored in U.S. banks kept safe?
What is deposit insurance?
What organization works to reduce trade barriers like embargoes, taxes, and quotas?
What is the World Trade Organization (WTO)?
This is the value of the next best option you give up when making a decision.
What is opportunity cost
Human effort, skills, and talents used to produce goods and services.
What is labor
This type of economy is controlled by the government (China).
communist economy
Turning milk into cheese belongs to this industry.
What is the secondary industry
What type of investment usually offers a better interest rate than a savings account?
What is a certificate of deposit (CD)?
What organization provides emergency loans to countries with unstable economies?
What is the International Monetary Fund (IMF)?
This measures the total value of all goods and services produced in a country in one year.
What is Gross Domestic Product (GDP)
Tools, machines, factories, and equipment used in production.
What is capital
This economy combines government involvement with free markets (Sweden).
socialist economy
Selling cheese in a grocery store belongs to this industry.
What is the tertiary industry
Why might someone saving money for a car choose a CD?
CDs are a low-risk, short-term investment?
What organization provides loans for large development projects in poorer countries?
What is the World Bank?
This concept explains how countries rely on one another for resources and goods.
What is economic interdependence
Money businesses use to buy what they need to operate.
What is financial capital?
In this system, most businesses are privately owned.
What is capitalism
Inspecting the quality of cheese belongs to which industry
What is the quaternary industry
How do higher interest rates affect borrowing money?
What is they make borrowing more expensive?
What country did the U.S. place a trade embargo on beginning in the early 1960s?
What is Cuba?
This term describes the worldwide exchange of goods, services, information, and culture.
What is globalization
Name all four factors of production
What are natural resources, labor, capital, and financial capita
In this system, the government controls production and resources.
What is communism
What are the four types of industries
primary, secondary, tertiary, and quaternary industries?
Why must governments keep corporate taxes reasonable?
What is so businesses can still make a profit and grow?
What are three things that helped increase globalization?
What are airplanes, the internet, and telecommunications?