Economics Basics
The three factors of production.
What are land, labor, and capital?
The exchange of goods and services.
What is trade?
Form of government in which citizens have power.
What is democracy?
A legal member of a country.
What is a citizen?
History begins at this point.
What is the invention of writing?
The cost of what you have to give up, e.g., if I have $2 I have to choose either a candy bar or a soda.
What is opportunity cost?
A country's ability to produce a product more efficiently than other products, e.g., China has this in manufacturing cell phones.
What is a comparative advantage?
Form of government in which all power is held by a single person or a small group.
What is an authoritarian government?
The first ten amendments to the United States Constitution.
What is the Bill of Rights?
The order in which events are placed on a timeline.
What is chronologically?
People or businesses that make and sell goods and services.
What are producers?
This is why trade is necessary.
What is no country has the factors of production to produce everything it needs?
Form of government which is headed by a monarch.
What is a monarchy?
Every right a citizen has has a corresponding one of these.
What is a responsibility?
Information that comes directly from a person who experienced an event.
What is a primary source?
An economic system in which individuals are free to make their own decisions.
What is a market economy?
Trade that takes place within a single country's borders.
What is domestic trade?
A government system in which power is divided among central, regional, and local governments.
What is a federal system?
What is a constitution?
An opinion favoring one side over another.
What is bias?
An arrangement in which a buyer can borrow to purchase something and pay for it later.
What is credit?
The total value of all goods and services produced in a country in a year.
What is Gross Domestic Product (GDP)?
A government system in which the central government makes all laws for the entire country.
What is a unitary system?
Process by which immigrants can become citizens.
What is naturalization?
The scientific study of past cultures through the examination of artifacts and other physical evidence.
What is archaeology?