Geo Chapter 4 - key terms

Question 1

the system of production, consumption and trade of goods and services

Answer 1

Economy

Question 2

The production, distribution, and consumption of goods and services in a particular society

Answer 2

economic system

Question 3

the creation of products and services for consumption

Answer 3

production

Question 4

the marketing, transportation, merchandising and selling of any item

Answer 4

distribution

Question 5

a person who starts or organizes a business

Answer 5

entrepreneur

Question 6

physical objects or merchandise

Answer 6

goods

Question 7

the performance of any duties or work for another person; a helpful or professional activity

Answer 7

services

Question 8

a construction method in which the item is moved along a production line to stations where workers add one part or a group of parts

Answer 8

assembly-line technique

Question 9

a assembly technique in which the item remains in one place for a small team of highly skilled workers to add parts

Answer 9

production team method

Question 10

factors (land, labor, capital, and entrepreneurship) needed for the economic success of a region

Answer 10

economic resources

Question 11

natural resources which are the raw materials of industry and business

Answer 11

land

Question 12

money available to be invested to increase production or wealth

Answer 12

capital

Question 13

goods such as factories or transportation systems, that are used in the production of other goods

Answer 13

capital goods

Question 14

money that invested by people or organizations from another country

Answer 14

foreign investment

Question 15

having the abilities to recognize business’ opportunities, take on the risk of starting a new business, and combine the factors necessary to make the business successful

Answer 15

entrepreneurial

Question 16

a system in which businesses and consumers decide what they will produce or purchase

Answer 16

market economy

Question 17

the relationship between the production and consumption of goods and services

Answer 17

supply and demand

Question 18

the area of trade or business

Answer 18

market

Question 19

a time of unemployment, low prices, low profits, and loss of business

Answer 19

economic depression

Question 20

a economic system in which decisions are based on customs, beliefs, or religion, within a strong social community

Answer 20

traditional economy

Question 21

people who work their own small farms to feed their families

Answer 21

subsistence farmers

Question 22

areas too hilly, rocky, or dry for large-scale commercial use

Answer 22

marginal lands

Question 23

an economic system in which the government controls all production and distribution of goods and services

Answer 23

command economy

Question 24

a form of government in which the military holds political power

Answer 24

military dictatorship

Question 25

a form of government in which elected people government offices

Answer 25

democracy

Question 26

a system that supports common ownership of the means of production

Answer 26

communism