6th - SS Core Concepts 2.6 to 2.9 Notes REVISED

Question 0

What do businesses want to make?

Answer 0

A profit

Question 1

What is the mean if exchange used today In a market?

Answer 1

Money

Question 2

What is one way to increase both profit and revenue?

Answer 2

Through specialization - concentrating on a limited number of goods or services.

Question 3

What are business-like institutions that do not seek to make a profit?

Answer 3

Nonprofit organizations

Question 4

Which type of economic system is NOT common today?

Answer 4

Traditional

Question 5

What type of economic system is most common?

Answer 5

A mixed economy - with varying levels of government control

Question 6

Who does trade benefit?

Answer 6

Both the buyer and the seller

Question 7

What can give a country or region an advantage in trade?

Answer 7

Geographic location

Question 8

Trade involving producers and consumers located inside the same country?

Answer 8

Domestic trade

Question 9

What type of trade involves exports and imports?

Answer 9

International trade

Question 10

Anything that is generally accepted as payment for goods and services?

Answer 10

Money

Question 11

What is a key tool in money management?

Answer 11

A budget

Question 12

A budget’s income should be what in comparison to its’ expenses?

Answer 12

Greater to or equal

Question 13

Many people who save money in banks do so using what?

Answer 13

Checking or savings accounts

Question 14

What do banks use to make loans to people and businesses?

Answer 14

Deposits

Question 15

What are a form of credit?

Answer 15

Loans - which are paid back over time along with the interest

Question 16

What are some things that people invest in?

Answer 16

Stocks, bonds, or mutual funds

Question 17

What offers different levels of risk and return?

Answer 17

Investment

In general, the safer the investment the lower the return.