Karteikarten
Civics Section 13 test
Karten in diesem Stapel (18)
- 1Natural Resources that are needed for a business (soil, water, wildlife).Land
- 2Time, energy, knowledge, and skills that are put into work.Labor
- 3Anything produced that is used to produce other goods and services (a machine used to produce a good).Capital
- 4Identify the Four parts to the Want-Satisfaction Chain:Wants: Something is wanted
Production: That want is created
Distribution: The process of making goods and services available
Consumption: The act of buying or using goods or services - 5Highest valued benefit given up when a choice is made.Opportunity Cost
- 6Resources are always limited compared with the number and variety of wants people have.Scarcity
- 7When producing goods and services what is taken into account when dealing with these three itemsWhat to produce - What methods should be used?
Employment - How many people to employ?
Technology - Production costs can be cut by technology? - 8What are the two social goals of business :Do companies compete in society for business?
Do companies share business equally? - 9Economic Decisions are determined by long established patterns and are unlikely to change. (Tribal Areas)Traditional Economy
- 10An economy where all economic decisions are made by the Government. They control all aspects of business- Media, Transportation, Banking, & Farming. (Communist Countries)Command Economy
- 11What type of Government generally uses a Command EconomyCommunist Countries like North Korea, Vietnam, and The Soviet Union.
- 12A system in which people make their own decisions about how to save resources as capital and how to use their capital to produce goods and provide services.Capitalism
- 13Another name for Capitalism is:Market System
- 14An economy that uses the principles of a Traditional, Command, & Market.Mixed Economy
- 15List two countries that use Mixed EconomiesUnited States and China
- 16List the four Flatteners that have changed the global economy according to Thomas L. Friedman1st - 11/9/89: Berlin Wall was torn down: Soviet Union ends (end of Communism as a power). There is now one global market (before you either dealt with the United States or Soviet Union).
2nd - 8/9/95: Netscape: The first universally used internet browser. Allowed people and business to easily communicate worldwide.
3rd - Dot.com bust: The internet exploded and started using digital cable to connect the world. The companies began to go bankrupt and banks sold the cable at a cheaper price. (Digital cable lines the ocean floor connecting the internet worldwide).
4th - Y2K: Outsourcing: During the Y2K scare the U.S. needed computer programmers. There were not enough in the U.S. and outsourcing began in India. - 17Taking American jobs and business and moving to other countries for cheaper prices.Outsourcing
- 18An economy where individuals make economic decisions and private individuals own Factors of Production. Also known as Capitalism or a Free Market. (US, UK, Germany, and Most Democratic Countries)Market Economy
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- 11th grade Civics Karteikarten am Civics Section 13 test, erstellt von AIYANA BOSCH am 24/05/2022.
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- AIYANA BOSCH
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