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Terms
Terms
Terms
Terms
Other
100
Type of economy where goods and services are distributed through buying and selling and people are free to be as wealthy as they want.
Capitalism p.43
100
Explains why certain changes occur.
Cause and Effect. p.49
100
Includes all the things that we need and want that money CAN'T buy.
Quality of life. p.51
100
Work in this area involves harvesting or extracting natural resources like farming, fishing, forestry.
Primary Sector. p. 61
100
List three ways a poverty cycle may be broken. Explain each.
Education- improve your education skills to be more competitive in the job market. Hard work- Think of creative ways to start a business or finding a job. Family- Find family members who can support you.
200
Type of economy where government controls the production of goods and sevices and the group is more important than the individual.
Socialism p.45
200
When expenses are higher than income and a person does not have enough money to meet their basic needs.
Poverty. p.51.
200
When you get to the point where you can't meet your basic needs and it becomes hard to improve your life.
Poverty Cycle. p.52
200
Work in this sector is mostly construction or manufacturing like building homes, office towers and bridges.
Secondary Sector. p. 61
200
Write a Cause and Effect Chain using 6 or more links.
See page 49, 70, 71.
300
Money and other things of value that a person invests into a business to start it up.
Capital p.46
300
A measure of how much buying power a family has.
Standard of Living. p.50
300
Anything that you have that can help you make money like skills or things you may own.
Personal Capital. p. 54
300
This type of work provides service to others such as salespeople, bus drivers, medical professionals, teachers etc.
Tertiary Sector. p. 62
300
Your parents have decided to buy their first house. They make a $30,000 payment on the cost of the house. They have make a...
Down Payment.
400
The money left over after a business or person pays expenses.
Profit p. 46
400
The cost of living or running a business.
Expenses.
400
A payment of money on a portion of a loan or mortage.
Down Payment. p. 55
400
Most recent economic sector which involves working with ideas and information such as working in laboratories for research like cosmetics and information technologies to store information electronically like computer programmers.
Quaternary Sector. p. 62.
400
Sam is a fisherman. Which one is not part of his Capital? Boat, Wharf, Crew or fishing gear.
Crew.
500
An individual who decides to start up a new business rather than looking for a job.
Entrepreneur. p.47
500
Money coming into a home or business.
Income.
500
The money you borrow from a bank to buy or build your house.
Mortgage. p. 55
500
An economic system that has a good balance of jobs in all sectors.
Diversified Economy. p.64
500
What are three differences between Socialism and Capitalism?
p. 45. and notes.