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17 Cards in this Set
- Front
- Back
Command economy |
An economy in which most economic issues of production and distribution are resolved the central planning and control |
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Consumption |
Spending by households on goods and services the process of buying and using goods and services |
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Interdependance |
A situation in which events in one part of the world affects the other parts of the world |
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Market economy |
An economic system in which individuals not the government control the production and distribution of goods and services |
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Mixed economy |
An economic system that includes both private ownership of property and government control of some services and industries |
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Opportunity cost |
The second best alternative for the value of that alternative that must be given up when scarce resources are used for one purpose instead of another |
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Scarcity |
The condition that exist because humans want one or more than the capacity the available resources to satisfy those wants |
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Specialization |
A situation in which people produce a narrower range of goods and services then they consume specialization increases productivity and also requires trade and increases interdependance |
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Surplus |
The switch situation that results when the availability of a product is more than the quantity demand |
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Trade |
Voluntary exchange of goods and services for money or other goods and services |
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Regardless of the economic type what is the goal of any economic system? |
For everybody to have food shelter and clothes |
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Early humans |
Early humans were nomads who moved around to hunt animals and gather food they build shelter shelters in the use fire to survive in time they develop language start during the farming revolution people began to grow crops and domestic animals which allowed them to settle and villages the most important factor in some languages availability of fresh water |
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Mesopotamian civilization |
In early muscle Batavian civilization religion and government were closely linked Kings created strict laws to govern the people |
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Farming villages |
Develop into civilizations with governments are religion writing and social class divisions the first city states develop in Mesopotamia |
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The first empires |
The Syrians Empire included all muscles all of Mesopotamian and extended into Egypt, the Chaldeans build a large empire that included Babylon the largest and richest city in the world at the time |
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Summarize how the farming revolution led to specialization of jobs |
People had to do one certain job it would lead to permanent homes in villages |
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Compare the Paleolithic and Neolithic Age |
Paleolithic Stone hunting always moving Neolithic use of iron farming villages |