Economics CCA Flashcards

1
Q

Market system with high level of government interference.

A

Command system

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2
Q

economic decisions are made according to culture

A

traditional economy

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3
Q

Supply and demand determines the price of goods and what to produce.

A

Market/Free Enterprise system

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4
Q

Government controls some industries, and people are allowed to own private businesses. Both people and governemnt have a part.

A

Mixed Economy

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5
Q

driven by competition with zero government interference.

A

Market Economy

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6
Q

a person who owns a business

A

entrepreneur

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7
Q

a person who purchases goods/services

A

consumer

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8
Q

Resources created by people to help produce other things such as pizza boxes, forks, tractor etc.

A

capital resources

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9
Q

factors of production (CELL)

A

Capital, entrepreneur, land, labor

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10
Q

growing crops, raising livestock

A

agriculture industry

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11
Q

Actions that people perform for others for payment such as mowing lawns, nail salon.

A

services

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12
Q

shopping- can be online or in store.

A

retail industry

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13
Q

creating a finished product from raw materials

A

manufacturing

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14
Q

coal, iron, minerals

A

examples of land

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15
Q

four types of industry

A

Agriculture, Retail, manufacturing, service

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16
Q

a person who works

A

labor