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17 Cards in this Set
- Front
- Back
___________ is the study of how people make choices concerning resources, goods and services.
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Economics
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The money and equipment needed to build an industry is called _________.
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capital
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In most Western countries, people are free to build an industry, this is called ____.
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capitalism
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In an economy where anyone can start a business without interference from the government is called __ __.
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free market
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People who take risks to starts a business are called _____.
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entrepreneurs
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A ______________ system is where the government owns most of the industries in a country this is called a __ __.
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socialism
command economy |
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The most extreme form of socialism is called ______.
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communism
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_____ is the ability to produce new things.
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Wealth
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The most common measurement of a country's wealth is the __ __ ___.
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gross domestic product
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The _____ is the monetary value of all the goods and services produced for sale by a country in a given year.
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GDP (gross domestic product)
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What countries are members of the G8?
1 2 3 4 5 6 7 8 |
1. US
2. Japan 3. Germany 4. England 5. France 6. Italy 7. Russia 8. Canada |
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_____ shows how much a person produces.
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Productivity
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The effective use of raw materials, labor and capital is called ___________.
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development
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The US is responsible for ____ of the world's value added by manufacturing from a raw material to a finished product.
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1/3
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Why is China not considered a developed country?
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Because they have not taken full advantage of their people's skills (most people are poor).
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Why does the G-8 meet each year?
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To resolve economic and political problems of the world.
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Why is division of labor important?
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A nation's development depends on the choices it gives its people in terms of jobs.
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