Social Studies Chapter 4 Review: THE NATION'S ECONOMY

Choose the word which matches this definition:

the separation of a work process into a number of different jobs

• division of labor

• producer

• advertising

• profit

Choose the word which matches this definition:

a person or company who makes a good or a service to sell to others

• division of labor

• producer

• advertising

• profit

Choose the word which matches this definition:

the use of public notices to bring attention to a product or service

• division of labor

• producer

• advertising

• profit

Choose the word which matches this definition:

the difference between a business’s total sales and the business’s total expenses

• division of labor

• producer

• advertising

• profit

Choose an item that is a need:

• clothing

• soccer ball

• skateboard

• laptop computer

Which is the difference between a free market economy and a command economy?

• In a free market economy, consumers decide which goods and services will be created. In a command economy, the government decides.

• In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.

• In a free market economy, the government decides which goods and services will be created. In a command economy, the consumers decide.

• In a free market economy, the government decides which goods and services will be created. In a command economy, the producers decide.

How has technology changed communication, or the sharing of ideas and information?

• Innovations such as e-mail have made communication faster and cheaper.

• Fewer people need to communicate with each other now than did before.

• Communication has become much more expensive than it once was.

• People spend a lot more time and money communicating now.

Which is an example of the government providing a public service?

• roads

• schools

• highways

• mail delivery

Choose the word which matches this definition:

a system in which producers have the right to create and goods or services they want (also known as a market economy)

• command economy

• consumer

• free enterprise system

• private property

Choose the word which matches this definition:

refers to an entire area or country in which thins are bought and sold freely (also known as a free enterprise system)

• command economy

• market economy

• communism

• private property