G4 Unit 4 Social Studies Flashcards
What are substitute goods?
A good that can be used in place of another good.
What is an export?
A good that people in one country sell to people in another country.
What is the labor force?
People who are working or looking for work.
What is a public service?
A service that is produced by a government.
What are taxes?
What people pay to a government in exchange for public goods and services.
What is specialization?
When individuals, regions, or countries produce certain kinds of goods or services.
What do people have to do because of scarcity?
Make choices
What is one economic question all countries have to answer?
What kinds of goods should our country produce?
What kind of economic system does the United States have?
A market economy
Who is the most important in the kind of economic system the United States has?
buyers and sellers
What shape best describes how our economic system works in the United States?
a circle
How does competition affect the price of goods?
It causes the price of goods to go down.
What type of incentives are sales and discounts?
positive incentives
What is a result of people specializing in a certain thing?
They make better goods.
What does division of labor mean?
The production of a good is broken down into many smaller jobs.
