Economic Vocabulary- Texas Industries

What is the definition of "open range"?

• A system where farmers own the land they cultivate

• A large area of grazing land without fences or other barriers

• A method of farming that focuses on growing crops for sale

• A period of rapid economic growth followed by a decline

Which term describes a period of rapid economic growth followed by a decline?

• Tenant farming

• Boom and bust

• Subsistence farming

• Sharecropping

What is tenant farming?

• Farming where the farmer owns the land

• Farming where the farmer rents the land

• Farming focused on growing crops for personal use

• Farming that involves sharing profits with landowners

Which of the following best describes subsistence farming?

• Farming to produce goods for sale

• Farming to meet the needs of the farmer's family

• Farming that involves renting land

• Farming that involves sharing profits with landowners

What is the "cycle of poverty"?

• A system where farmers own the land they cultivate

• A situation where poor families remain poor for generations

• A method of farming that focuses on growing crops for sale

• A period of rapid economic growth followed by a decline

How does sharecropping differ from tenant farming?

• Sharecropping involves owning the land, while tenant farming does not

• Sharecropping involves sharing profits with landowners, while tenant farming involves paying rent

• Sharecropping is focused on personal use, while tenant farming is for sale

• Sharecropping is a modern farming method, while tenant farming is traditional

What does "transcontinental" mean?

• Across a continent

• Within a country

• Between two cities

• Across an ocean

Which term describes a town that experiences rapid growth due to sudden prosperity?

• Boomtown

• Open range

• Tenant farming

• Sharecropping

What is the free enterprise system?

• A system where the government controls all businesses

• An economic system where private businesses operate in competition and largely free of state control

• A system where businesses are owned by the community

• A system where businesses are owned by the government

How does the concept of supply and demand affect prices in a free enterprise system?

• Prices are fixed by the government

• Prices are determined by the availability of goods and the desire for them

• Prices are set by the largest businesses

• Prices are determined by international markets only