Lsn 6: Economics
What are the types of economic systems identified in Lesson 6?
4 (Traditional, Market, Command, Mixed)
What is a Society?
A group of people with a shared culture
What is a Producer?
People or businesses that make and sell goods and services
True or False? Trade Barriers increase competition
False
What Theme of Geography does Niagara Falls represent?
Place
What is the type of economic system in the US
MIxed
What is Social Structure?
A pattern of organized relationships among groups of people.
What is a Consumer?
People or Businesses that buy, or consume, goods and services.
What is Comparative Advantage?
What a country is good at producing
What does Movement means?
How things move from one place to another
True or False: More producers = more innovation and lower prices.
True
What is a Social Class?
A group of people living in similar economic conditions
What s Opportunity Cost?
The cost of what you have to give up to get something
What is the highest valued product that the US exports to China?
Food
What Theme of Geography does a Junk Yard represent?
Human-Environment Interaction
What is Economics?
The study of how people meet their wants and needs.
What is the definition of culture?
The beliefs, customs, practices, and behaviors of a particular nation or group of people
What are the factors of production?
Land, Labor, and Capital
What are the three types of trade barriers?
Embargo, Tariff, and Quota
Human-Environment interaction means?
How people and the environment affect each other