EC-907
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| capital goods | manufactured or constructed items that are used to produce goods and services
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| central planning | detailed economic processes and goals developed by government; usually associated with communist economies
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| command economy | an economic system in which all or many of the means of production and distribution are owned and controlled by the government
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| communism | a common economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
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| competition | the rivalry two or more business to attract scare customers dollars
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| consumer goods | tangible items produced for personal use
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| comsumers | people who use goods and services to satisfy their wants
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| demand | the quantity of a good or service that buyers are ready to buy at a given price at a particular time
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| distribution | the process or activity by which income is divided among resource owners and producers
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| economic resources | the human and natural resources and capital goods used to produce goods and servicers; also known as factors of production
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| economic system | the organized way in which a country handles its economic decisions and solves its economic problems
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| economic vote | term used to describe consumer approval of products expressed by the purchased of products
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| financial capital | money needed to operate a business
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| government | a country's arrangement for making and enforcing laws
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| human resources | people who work to produce goods and services
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| human services programs | benefits such as free medical care, education, and financial assistance that are provided by a government to its citizen
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| industrial goods | tangible items that will be consumed by industrial users
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| interdependent | influencing or relying upon one another
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| market economy | an economic system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in marketplace
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| markets | arrangements for the buying and selling of goods and services
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| means of production | all the resources required in the production of goods and services
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| medium of exchange | something of value that can be used to obtain goods and services; most common form is money
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| mixed economy | an economic system in which elements of market and socialist command economies are combined
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| natural resources | items that are found in nature and used to produce goods and services
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| producers | the people that make or provide goods and services
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| production | the economic process or activity of producing goods and services
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| profit | monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
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| quotas | specific goals to be met
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| resource | any item that is used to accomplish another activity, such as producing/providing goods and services
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| scarcity | a condition resulting from the gap between limited resources and unlimited wants for goods and services
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| socialism | a common economic system in which government owns some basic means of production and allows private ownership of businesses as well
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| subsistence | existence at a level that barley supports life
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| supply | the quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
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| traditional economy | an economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition
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| welfare state | a government that provides multiple social programs such as free health care and education to its citizens
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
sabria.j297
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