Economics
Lack of a resource that affects supply and demand
What is scarcity
Things that people must have to survive
What are needs
Things that people would like to have but can live without
What are wants
This economy is based on custom. In this economy, members of a family or tribe make goods for the rest of the group.
What is a traditional economy?
Government that is run by the people.
What is a democracy?
The three branches of government.
Legislative
Executive
Judicial
The two houses of the Legislative Branch.
What are the House of Representatives and the Senate?
Someone who buys goods and services
What is a consumer
Actions done for others in exchange for payment
What are services
Items that people consume or use
What are goods
In this economy, a central government decides what goods will be make and who will receive them
What is a command economy?
the 2 types of Democracies.
What is Direct Democracy and Indirect Democracy or Representative Democracy?
The branch that carries out laws.
What is Executive branch?
The determining factor of the number of member in the Senate and the total number of members.
What is the number of senators is based on equal representation. Each state has 2 senators for a total of 100 senators total?
This is the social science that explains how and why people make, buy and sell things
What is economics?
When the economy grows quickly.
What is a Boom?
The effort people contribute to the production of goods and services
What is labor
In this economy, the government has some control over what and how much is made.
What is a mixed economy?
This difference in the 2 types of democracies.
Direct Democracy - means involving the public directly in making decisions
Indirect Democracy or Representative Democracy - is when citizens elect representatives to make laws for them
The branch that interprets or evaluates the laws.
What is the Judicial branch?
The number of justices on the Supreme Court and what is the head Judge called?
What is 9 Justices on the Supreme Court and the head judge is called ‘Chief Justice”?
The difference between supply and demand.
Supply is the amount of a good or service that a producer wants to sell.
Demand is the amount of something that a consumer wants to buy.
Scarcity and high demand can cause this.
What is the price to rise?
When an item leaves a country it is called this.
What is an export?
In a this economy, the individual makes choices about what to make, sell or buy.
What is a market economy?
This is the ability of each branch to respond to the actions of the other branches.
What is a system of checks and balances?
The branch that makes the laws.
What is the Legislative Branch?
The determining factor of the number of member in the House of representatives and the total number of members.
What is the number from each state is based on population. 435
In order to make goods and offer services people must have these three things.
What is land, labor and capital?
Two of the biggest barriers that can affect trade.
What is Conflict and Geography?
Goods and services purchased from the overseas.
What is imports?
When the economy grows very slowly or shrinks.
What is a recession?
This divides the federal government into three branches to make sure no individual or group will have too much power.
What is the Constitution?
The difference between a duty and a responsibility and one example of each.
What is a duty is something that a citizen is required to do, by law. Examples of duties are obeying laws, paying taxes, defending the nation and serving on juries.
responsibilities – these are things that they should do but are not required by law. Examples of responsibilities are: voting, attending civic meetings, petitioning the government, and running for office.
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Name that the House of Representatives and the Senate also go by?
What is Congress?