Definitions

Question 1

Economic system?

Answer 1

An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society

Question 2

Production?

Answer 2

The creation of products and services for consumption

Question 3

Distribution?

Answer 3

The marketing, transporting, merchandising, and selling of any item

Question 4

Entrepreneur?

Answer 4

A person who starts or organizes a business

Question 5

Goods?

Answer 5

Physical objects or merchandise

Question 6

Service?

Answer 6

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

Question 7

Assembly line technique

Answer 7

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

Question 8

Production team method?

Answer 8

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

Question 9

Economic resources

Answer 9

Factors (land labour capital and entrepreneurship) needed for the economic success of a region

Question 10

Land

Answer 10

Natural resources which are the raw materials of industry and business

Question 11

Capital

Answer 11

Money available to be invested to increase production or wealth

Question 12

Capital goods

Answer 12

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

Question 13

Foreign investement

Answer 13

Money invested by people or organizations in a country other than their own

Question 14

Entrepreneurial

Answer 14

Having the ability to recognize business opportunites, take on the risk of starting a new business, and combine the factors necessary to make the business succesful

Question 15

Market economy

Answer 15

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

Question 16

Supply and demand

Answer 16

The relationship between the production and consumption of goods and services

Question 17

Market

Answer 17

The area of trade or business

Question 18

Economic depression

Answer 18

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

Question 19

Traditional economy

Answer 19

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

Question 20

Subsistence farmers

Answer 20

People who work their own small farms to feed their families

Question 21

Marginal lands

Answer 21

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

Question 22

Command economy

Answer 22

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

Question 23

Military dictatorship

Answer 23

A form of government in which the military holds political power

Question 24

Democracy

Answer 24

A form of government in which elected people fill governement offices

Question 25

Communism

Answer 25

A system that supports common ownership of the means of production

Question 26

Economy?

Answer 26

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