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So. St. Ch. 10 test
test review
| Question | Answer |
|---|---|
| productive capacity | the total amount of things that a group of people can produce |
| technology | a special knowledge about how to make things; the more knowledge, the more that can be produced |
| production | process of making things |
| opportunity costs | the thing that a person gives up by choosing one way of using resources instead of another; two egg = making brownies, instead of scrambled eggs |
| capital goods | things that are used to make other things; wood is used to make houses |
| specialization | companies or jobs that do one kind of service or make one kind of product; Levi makes jeans |
| division of labor | different workers do different parts of a job; some build an engine, some build the exterior, some build the interior = to make a car |
| assembly line | products move on a rolling platform past different workers that each do a small part of the job |
| goods | products that you can touch; food, clothing,... |
| services | actions or jobs that people are paid to do for other people |
| allocation/distribution | deciding who gets what goods and services when there is not enough for everyone |
| lottery | short term solution for allocating goods and services; buy a ticket and if your tickets is pulled, you get the goods and service |
| rationing | a government set limit on how much of a scarce goods or service the average American could buy; each person can only buy 10 gallons of gas each week |
| command economy | economy in which the government makes all the decisions on what to produce, how much and how much to distribute |
| consumers | people who buy products, make decisions based on how much they want the product and how much they can afford to pay |
| market economy | businesses are encouraged to produce more things in order to earn a profit; however, they may need to lower their price so that people can afford it |
| trade | one region sells some of its product to other regions and then buys things it can't produce from those regions |
| exports | products sold to another nation |
| globalization | growing interdependence of regions around the world |
| free trade | trade without an taxes or limits on imports |
| supply | total amount of product that producers are willing to make and sell at a certain price |
| demand | the amount of a product that consumers are willing and able to buy at certain prices |
| law of supply | the higher the price the company can charge, the more products it is willing to supply |
| law of demand | the higher the price of an item, the lower the demand for it will be |
Created by:
matt48
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