WorksheetsVocabulary QUIZ: Economies Unit 9 Part 2
Total questions: 14
Worksheet time: 42mins
An economic system in which privately-owned companies and businesses undertake most economic activity (with the goal of generating private profit), and most work is performed by employed workers who are paid wages or salaries.
(a)
A function performed for one person by another - such as cooking and serving a meal, teaching, cleaning a building, providing medical care, being a law-enforcement officer, or delivering a package.
(a)
The basic productive resources (land/natural resources, labor, capital, and entrepreneurship) that are essential inputs to every economic activity.
(a)
People grow a surplus to sell to others within the country or to export.
(a)
An economic system in which most wealth is owned or controlled collectively (through the state, other public institutions, or non-profit organizations), and the operation of markets is influenced or managed through regulation and planning.
(a)
People work in factories [using assembly lines and/or machinery] to produce large quantities of goods for sale/export.
(a)
An economic systems based on barter and doing things the same way as their ancestors or family.
(a)
A natural resource that can be replaced such as timber.
(a)
A natural resource that is not able to be replaced such as oil or natural gas.
(a)
People make goods [usually by hand] in their own homes or small shops.
(a)
Products which are produced in the economy - including agricultural products, natural resources, manufactured goods, and construction.
(a)
Limited quantities of resources to meet unlimited wants.
(a)
Individuals only grow enough to barely survive and feed their families.
(a)
No goods are produced and people provide services for each other (i.e., teachers, doctors, lawyers, custodians, law enforcement officials, etc.).
(a)
