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