Vocabulary
Doing what you are supposed to do
What is a right?
Gives U.S. citizens the right to own a GUN
What is the Second Amendment?
the value of what is given up when a choice is made
What is opportunity cost?
One of the four sectors of an economy that is made up of people that consume goods and services. They provide labor and earn income to consume the goods and services.
What is households?
My uncle is an ______________________, who started his own business.
What is an entrepreneur?
This amendment gave African Americans the right to vote which included freed slaves.
What is the Fifteenth Amendment?
An efficient way to work and the cost of the item produced is lower
What is specialization?
One of the four sectors that provides checking accounts, savings accounts and loans to people in the community.
What are banks?
An __________________ means to make a change to the Constitution
What is an amendment?
People who are born in the United States and are a member of our country are referred to as _______________________
What is a citizen?
When both countries agree to trade to get the goods and services they need
What is voluntary exchange?
This sector of the economy functions to serve the people. It includes many goods and services such as national defense, transportation, defense and education.
What is the U.S. government?
An amendment must be _______________ or approved by Congress before being added to the Constitution.
What is ratified?
An opportunity cost is ____________________
What is given up when making a decision?
People who buy goods and services
Who are consumers?
This sector of the economy produces goods and services that consumers buy. They provide what consumers need or want at a price they are willing to pay.
What are private businesses?
What is export?
Give an example of an opportunity cost
Given the options to go camping with family or to attend a birthday party with a friend. Chooses to go to birthday party with a friend.
This is used to affect people's behavior and choices by motivating them to buy certain goods (buy one get one free)
What are price incentives?
What is a budget?