Culture 1
The mix of beliefs, traditions, language, food, and other characteristics shared by a group.
What is culture?
The three basic economic questions every society must answer.
What goods and services should be produced?
How are those goods and services being produced?
Who are those goods and services being produced for?
What is a plan for how you will earn, save, and spend your money called?
What is a budget?
The definition of a government.
What is the system or group of people that makes and enforces rules and laws for a society?
Everyone in Cheeseburger City speaks a language called Burgerlish. What cultural characteristic is this?
What is language?
How might living in a cold, snowy environment affect the culture of a society?
People might wear warm clothing, build insulated homes, and develop traditions suited to the climate.
The economic term for giving up one thing to get something else
What is opportunity cost?
One important reason people create a budget.
What is to track spending, plan purchases, save money, and avoid spending more than they have?
The definition of a constitution.
What is the set of basic rules and principles that define the structure of a government?
You earn $10 for mowing a neighbor's lawn. What is this money called?
What is an income?
Name two things that can cause a society's culture to change.
What is technology, leaders, environment, new people, migration, etc.?
You choose to stay up late instead of doing your homework. What is the opportunity cost?
What is giving up doing your homework?
If demand for a product decreases while its supply stays the same, what will likely happen to its price?
What is the price will likely decrease?
This type of government allows its citizens to vote for their leaders.
What is a democracy?
A country has a king, but citizens elect representatives who make most government decisions. What kind of government is this?
What is a limited monarchy?
A group of people shares traditions, rules, and ways of life while living together.
The relationship between how much of something is available and how much people want it.
What is supply and demand?
Three common ways people can earn income.
What is a job, saving your money, and investing it?
This type of government usually passes leadership through a royal family.
What is a monarchy?
A store has too many winter coats left over when spring arrives. What might the store do to sell them?
What is lower the cost?
A country's people celebrate a special holiday every year. What part of culture does this represent?
What is a tradition?
A new video game is extremely popular, but stores have very few copies. What will likely happen to its price, and why?
What is the price will likely rise because demand is high and supply is low.
The study of how people meet their wants and needs.
What is economics?
This type of government concentrates power in one leader or a small group and often limits people's freedoms.
What is authoritarianism?
This is the level of comfort enjoyed by a person or society.
What is the standard of living?