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Vocab.
Random Q's
True/False
Cap./Com./S
Random
100
when a business runs out of money
bankrupt
100
to trade =
to barter
100
A tithe is 10% of the money you make.
TRUE
100
What type of economy does our country have?
Cap.
100
What is one thing that we like about capitalism?
we have freedom to open businesses, we are allowed to compete, etc.
200
the process of making coins
minting
200
When there is not enough of an item that people need, there is a _____ of that item.
shortage/scarcity
200
Inflation causes prices to increase
TRUE
200
A bicycle manufacturer decides how many bicycles to produce in a year.
Cap. (or S if that company is run by the people)
200
What did Captain John Smith notice about the colonists when he gave them their own land (instead of sharing land)?
He noticed that colonists worked harder when they farmed on their own land since they could work hard and reap all the benefits of that hard work.
300
the extra money a company makes off of its product
profit
300
What is a benefit to capitalism that ensures there won't be a monopoly on a product
competition
300
Competition exists only when one business sells a product.
FALSE--monopoly opposes the idea of competition
300
Two nearby stores keep lowering prices to get more customers.
Cap.
300
How did the Civil War help our economy in the beginning?
The government bought lots of resources from the North.
400
what companies produce
supply
400
What two locations are the Federal Reserve System?
Philadelphia and Denver
400
The law of supply and demand controls the amount of money in circulation.
FALSE--Federal Reserve System!
400
The taxes are very high at the government-run gas station.
Socialist--remember in socialism, the government owns 1+ major resources
400
This term means "way of life." It is high here in America and lower in places like Africa.
standard of living
500
when only one company is selling a product AND the people who make the products
monopoly AND producer/manufacturer
500
What happens to prices when too much money is in circulation?
they rise/increase
500
If a company spends more than it makes, it may eventually go bankrupt.
TRUE--it's impossible to make a profit if you spend more than you're making
500
In the early days of Colonial America, the people had a system in which everyone shared the crops, regardless of how many people actually worked
Communism
500
What do prices do when the supply is greater than the demand?
decrease (like Walmart--tons of stuff, so it's cheaper...opposite of our Oakleys example)