Part Four: Economic Systems

Question 1

Production

Answer 1

Rendering material items useful and available for human consumption

Question 2

Allocation of resources

Answer 2

Cultural rules ppl use to assign rights to ownership of resources

Question 3

Technology

Answer 3

Cultural knowledge for making & using tools & extracting & refining raw materials

Question 4

Division of labor

Answer 4

Rules that govern assignment of jobs to people

Question 5

Unit of production

Answer 5

Individual(s) responsible for production of goods

Question 6

Market exchange

Answer 6

Transfer of goods/services based on price, supply, demand

Question 7

Reciprocal exchange

Answer 7

Transfer of goods/services b/t a central collecting source & a group of individuals
Ex: taxes

Question 8

Subsistence economies

Answer 8

Small; need to meet material necessities $ social obligations

Question 9

Market economies

Answer 9

Larger & have high economic specialization

Question 10

Economic system

Answer 10

Provision of goods and services to meet biological & social wants