Chapter 2 Flashcards
(36 cards)
Economy
a system in which people produce, buy, and sell things.
What is a Primary Sector
taking raw materials from the soil or water
Examples of Primary Sector
Mining Fishing Farming Forestry Hunting
What is a Secondary Sector
using raw materials to manufacture products
Examples of Secandary Sector
Cars Manufacturer
Fur Coats
Sushi
Manufacture/ baking/cooking of food products
What is a Tertiary Sector
includes services
Examples of Tertiary Sector
Hair salons Airplanes/flights Taxi Health Care Banking Accountant Education
What are to four factors of production?
Land, Labor, Capital, and Entreponuiship
What is Land
Includes all the natural resources needed to produce goods & services ( apple tree )
What is Labor
The size & education level of the workforce
What is Capitol
A country’s wealth (money) & infrastructure (buildings, roads, power grids)
What is Entrepenseurship
Someone who has the creativity and takes the risk to develop new businesses & services
What are four Economic Systems?
Tradition, Free Enterprise, Mixed, and Command
What is a Traditional System
People trade goods and services without money
What is a Free enterprise System
Privately owned businesses create goods that people buy in markets. This is also called a market economy or capitalism
What is a Command System
The Government owns most parts of the economy and decides what will be produced & sold
What is a Mixed System
This has elements of free enterprise and command economy.
What does GDP stand for
Gross Domestic Product
What does GDP mean
It is the total value of the goods & services that a country produces.
What are the five types of Government?
Democracy, Monarchy, Dictatorship, Oligarchy, and Communism
What is Democracy?
Citizens elect representatives to govern them
Do the places that are Democracy Government, do they have rights
Citizens have many rights guaranteed by the Constitution
Bill of Rights
What are some examples of Places around the world that have a Democracy as a system of Government?
USA
New Zealand
Norway
What is Monarchy
A king/ queen or emperor rules society.
