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17 Cards in this Set

  • Front
  • Back
___________ is the study of how people make choices concerning resources, goods and services.
Economics
The money and equipment needed to build an industry is called _________.
capital
In most Western countries, people are free to build an industry, this is called ____.
capitalism
In an economy where anyone can start a business without interference from the government is called __ __.
free market
People who take risks to starts a business are called _____.
entrepreneurs
A ______________ system is where the government owns most of the industries in a country this is called a __ __.
socialism

command economy
The most extreme form of socialism is called ______.
communism
_____ is the ability to produce new things.
Wealth
The most common measurement of a country's wealth is the __ __ ___.
gross domestic product
The _____ is the monetary value of all the goods and services produced for sale by a country in a given year.
GDP (gross domestic product)
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
_____ shows how much a person produces.
Productivity
The effective use of raw materials, labor and capital is called ___________.
development
The US is responsible for ____ of the world's value added by manufacturing from a raw material to a finished product.
1/3
Why is China not considered a developed country?
Because they have not taken full advantage of their people's skills (most people are poor).
Why does the G-8 meet each year?
To resolve economic and political problems of the world.
Why is division of labor important?
A nation's development depends on the choices it gives its people in terms of jobs.