Economic Concepts Flashcard

Front

What is the Legislative Branch of government?

Back

The Legislative Branch is the part of government that makes laws. It is made up of Congress, which has over 100 members called congressmen.

Front

What does the term 'Economy' mean?

Back

The Economy is the system a country uses to distribute goods and services to its people.

Front

What is the national bird of the USA?

Back

The Bald Eagle is known as the national bird of the USA.

Front

What holiday celebrates the signing of the Declaration of Independence?

Back

Independence Day is the holiday that celebrates the signing of the Declaration of Independence.

Front

What is the purpose of Memorial Day?

Back

Memorial Day is to honor men and women who have given their lives for freedom.

Front

What is a 'Consumer'?

Back

A Consumer is a person who buys goods and services for personal use.

Front

What does 'Scarcity' mean?

Back

Scarcity refers to the limited availability of resources to meet unlimited wants.

Front

What is 'Trade'?

Back

Trade is the exchange of goods and services between people or countries.

Front

What is 'Abundance'?

Back

Abundance means having a large quantity of something.

Front

What is the role of the Executive Branch?

Back

The Executive Branch is responsible for enforcing laws and is headed by the President.