Lesson 1 Lesson 2 Lesson 3 Lesson 4 Miscellaneous
100
What are needs?
The things you must have to survive like food, clothing and shelter.
100
What is currency?
The type of money used in a particular place.
100
What is advertising?
The use of public notices to bring attention to a product or service.
100
What is import?
Things being brought into the country.
100
What is the reason entrepreneurs take risks?
They believe that their ideas for businesses can make money.
200
What is consumer?
Someone who buys or uses good and services.
200
What is barter?
To trade one type of good or service for another without using money.
200
What is scarcity?
The amount of a resource is limited. A shortage.
200
What is export?
Things being shipped outside our country.
200
What is the difference between a free market economy and a command economy?
In a free market economy producers decide what should be made and sold and in a command economy, the government decides.
300
What is producer?
A person or company who makes a good or provides a service for others.
300
What is inflation?
A rise in the usual price of many goods and services.
300
What is an incentive?
Things that encourage us to take action, such as prizes for reading.
300
What is specialization?
The ability of a company, group, or person to focus on a single task.
300
What is delivering mail?
A service provided by the government.
400
What is command economy?
The economy in which the government decides which goods and services will be created.
400
What is profit?
The difference between total sales and total expenses.
400
What is interest?
Money added to your bank account from the bank just for keeping your money there.
400
What is division of labor?
The separation of a work process into a number of different jobs.
400
What is what a successful business does?
Trying to create products and services which are in high demand by consumers....
500
What is free market economy?
The economy in which producers decide which goods and services will be created.
500
What is entrepreneur?
A person who risks money and time to start a new business.
500
What is opportunity cost?
When you shop and choose between two item, the ___________ _________ is the value of the item you didn't buy.
500
What is innovation?
New inventions or ways of doing things.
500
What is how technology has changed communication?
Innovations such as e-mail have made communication, or the sharing of ideas and information.






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