Lesson 1
Lesson 2
Lesson 3
Lesson 4
100

The system of producing, selling, and buying goods and services.

Economy

100

In this system you would probably inherit your mother or father's job.

Traditional 

100

When you trade a good or service for a good or service provided by someone else.

Barter

100

The process in which countries are increasingly linked to each other through culture and trade.

Globalization

200

People's wants are _________, but the resources avaliable to satisfy their wants are____________.

Unlimited and Limited. 

200

This is the economy that is controlled by the government. The government will decide on what goods and services to produce.

Command 

200

the currency for Japan is 

Yen

200

This refers to culture traits that are well known and widely accepted by the general population.

Popular Culture

300

It is the money an individual or business has left after paying expenses. 

Profit

300

This system is were you would have the potential to make the most money.

Market

300

The three functions of money are

Medium of exchange, Store of Value, and Unit of Account. 

300

is a relationship between countries in which they rely on one another for resources, goods, or services.

Interdependence

400

These are the 3 types of incentives 

Profit, Saving Money, and Recieving Something Extra.

400

These countries are examples of a Communist economy, Socialist economy, and Capitalist economy.

Communist: China 

Capitalist: Taiwan

Socialist: Sweden

 

400
These are the functions of banks

To store, earn, and borrow.

400

What are the three trade barriers and how are they used.

Tariff: is a tax on imported goods.

Quota:is a limit on the amount being taxed.

Embargo: is a ban or restriction.

500

This happens when producers in one nation depend on others to provide goods and services that they don't produce.

Economic Interdependence

500

The Yanomamo are a South American Indian tribe living in spread out villages in the Amazon region of Brazil and Venezuela. The Yanomamo had no contact with outsiders until the middle twentieth century. The Yanomamo grow plantains and bananas for much of their food. They supplement this with hunting and gathering palm fruit. They meet their basic needs without outside contributions or trade. The fathers teach their sons how to hunt, the mothers teach their daughters to cook.

Traditional Economy

500

This is one risk that we see today with our money

Possible Answers:

Stock Investments

Inflation

500

Global trading is important because

It helps many countries around the world expand their economies