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20 Cards in this Set
- Front
- Back
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What is the U.S. constitution?
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The basis for the U.S. law, writed by the countries first leaders.
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What is the difference between a limited government, and an unlimited government?
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A limited government is when the ruler has to follow the laws, and an unlimited government is when the ruler does not have to follow the laws.
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What are the first 10 ammendments called?
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The bill of rights.
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What is a change to the constitution called?
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An ammendment.
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What are the three branches of the government?
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Executive, Legislative, and Judicial.
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What are goods?
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An item bought to satisfy a want.
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What is a service?
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An act done to satisfy a want.
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What is profit.
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The money that remains after all the costs of producing are paid.
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What are consumers?
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People who use goods and services.
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What does GPD stand for?
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Gross domestic product.
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What are Natural Resources?
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Raw materials used to make goods.
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What are labor resources?
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Workers who are needed with the appropriate skills, and knowledge to make goods and provide services.
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What are capital resources?
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Machines, Factories, and supplies are needed.
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What are entreprenuers?
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People who bring all the different kinds of resources together to provide goods and servies.
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What is competition?
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The rivalry among businesses to sell goods to comsumers and make the greatest profit.
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What are trade barriers?
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Boundries that some countries set to restrict trade because they would rather use their own resources.
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What are tariffs?
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taxes on imported goods.
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When did NAFTA reduce trade barriers?
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1994
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What is a command economy?
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In which the government decide about goods and services.
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What is a Traditional economy?
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In which social roles and culture decide about goods and services.
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