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27 Cards in this Set
- Front
- Back
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Human wants are:
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limitless
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The Bible says that we should not worry about having an abundance to eat and wear
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true
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Our ________ include the basics: food, clothing, and shelter.
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needs
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A society in which a person depends primarily on himself and his family to supply his needs from the land is called a:
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simple society
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The economic system in the United States is called free enterprise.
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true
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Under communism, prices are determined by supply and demand.
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false
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A considerable amount of government control is found in the socialist system.
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true
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Limitless wants have to be satisfied by:
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available resources
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Two kinds of resources developed in the Industrial Revolution were:
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people and machines
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Early settlers thought many of the resources like land, fuel, and water were _________
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limitless
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The basic problem in economics is distributing the available resources to best satisfy human desires.
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true
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The economic system of the United States is called:
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capitalism
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People in complex societies are highly dependent upon others for their well-being.
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true
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What basic decisions does our economic system help us make
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What goods and services should be made. How goods and services should be produced. Who should have the goods and services produced. How much of the goods and services should be produced.
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Division of labor means one person does a small portion of a larger project.
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true
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As demand increases, production decreases.
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false
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One essential of the market mechanism is competition.
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true
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A producer's market means higher prices.
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true
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In a consumer's market:
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competition is keen
producers must use resources effectively products must be improved |
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In a producer's market:
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producers do not have to use resources efficiently
producers make large profits consumers' wants cannot be satisfied |
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The owners of business and industry in the free enterprise system are called:
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capitalists
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In Communism, the _____ determines what goods will be produced and sets their prices.
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government
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Complete control of trade in a commodity is called a:
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monopoly
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major roles the government of the United States plays in the economic system
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regulates by making rules for effective operation
collects taxes balances total supply and demand |
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Created money is money that consumers:
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borrow
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A deposit that can be withdrawn by the customer at any time is:
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a demand deposit
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The sum of money available for lending by a bank is determined by:
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the size of the reserves
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