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Vocabulary
Factors of Prod.
Supply/demand
Other Systems
Trade
100
A person who uses goods or services
What is consumer?
100
Raw materials that are used to make goods
What are natural resources?
100
In a command economy who decides how many of which goods are produced and sets the prices
What is the government?
100
True or false. The United States trades with countries all over the world
What is true?
200
The rivalry among buisnusses to sell and have the highest profit
What is competition?
200
Give two examples of capital resources
What are machines and factoiries?
200
When does the price of a good rise
What is the producer supplies fewer goods.
200
In which economy do special roles and culture control production and prices determine which consumers can buy certain goods
What is traditional economy?
200
What is another name for taxes
What is tariff?
300
The money that remains after the costs of producing a product are paid
What is profit?
300
What workers need in order to make goods or provide services
What are appropriate knowledge, skills, and experience?
300
What explains how price and availability are affected by the seller and the consumer.
What is supply and demand.
300
The movement of people and goods around the world has helped to build what type of economy
What is global economy?
300
Sometimes countries establish barriers to restrict trade. Why?
What is they prefer to produce their own goods or services?
400
The Gross Domestic Product is called
What is GDP?
400
A person that uses natural, labor, and Capitol resources to make a good or service.
What is an entrepreneur.
400
Competition helps consumers.
What is True.
400
DAILY DOUBLE. True or false. A family's status can determine whether they can own a good.
What is true?
400
The NAFTA reduces barriers between which countries
What is The United States, Canada, Mexico?
500
An economy that allows business owners to compete in the market with little government interference
What is free enterprise/ market economy?
500
The government only uses money for our basic wants.
What is false?
500
If the price rises the producer wants to incress supplies. Then what?
What is more goods push the price up.
500
In the modern day more countries have A. Market economies B.Command economies C. Traditional economies
What is A. Market economies
500
Which regions or countries do the United States trade the least with
What is India, Eastern Europe, and Africa?