question

The capitalistic system is also called the system.

answer

free enterprise

question

The government has more control over such industries as railroad and mining in a economy.

answer

mixed

question

China is a contemporary example of a communistic economic system.

answer

true

question

In the Communist Manifesto, the government takes control of land, communication, transportation and banking, among other things. The Manifesto was written by .

answer

Karl Marx

question

Check the boxes of the THREE types of economic systems.

answer

communism, mixed economy, capitalistic

question

A farmer's market is an example of at work.

answer

capitalism

question

Economics can be best defined as being the science of producing, distributing and:

answer

consuming goods or products

question

In the 1700s the Scottish economist wrote of the need for basic economic freedoms which eventually became the building blocks for capitalism.

answer

Adam Smith

question

Glenn runs his own sign shop, where he does his own advertising, cleanup and stocking the shelves. He benefits from his own profits. Glenn is self -

answer

employed

question

Inflation is when prices in a national economy increase, or the purchasing power of the dollar weakens on a continual basis.

answer

true

question

The higher the demand, the a price can be put on the item.

answer

higher

question

consumer goods inflation Law of Supply and Demand market monopoly profit . purchases self-employed services

answer

A person who makes purchases and uses goods and services. Merchandise or products bought and sold. Purchasing power of the dollar weakens on a continual basis. Price on an item rises with increased demand, and the price falls when the supply increases. The business of buying and selling. The only seller of a particular good or service in a market. What a business has earned above all costs. To obtain an item through the use of money or an equivalent currency. Where the employer runs his own business and benefits from his own profits. A job where work is done for others.

question

If a product has almost no response from the market, the price will .

answer

drop

question

Lazer Supermarket increases prices on an item from 75 cents to $1.50...and nobody cares. They'll buy it anyway. This is an example of the .

answer

Law of Supply and Demand

question

What a business has earned above all costs is called a (n) .

answer

profit

question

Since no other company has the technology to invent such a machine as the Freezap, TechnoKitchen has a .

answer

monopoly

question

boon capital economy invention labor force natural resources raw materials research standard of living technology

answer

An advantage for oneself; a benefit or gain; a great help. More than money; available resources to run a business such as factories, real estate, equipment, and tools. A system of financial activity in a country or settlement. A new process or creation as the product of human study and experimentation. All people in a nation who are working or are seeking work. Available God-given assets for living or running a business. Natural elements or substances from which goods may be made. Careful study and review. A measure of the affordability of the goods and services that are available to a consumer of a nation. The type of inventions and research that science and business provide.

question

An advantage for oneself, a benefit or gain is called a .

answer

boon

question

When trying to make your country's economy grow, first look at your natural

answer

resources

question

The second part of creating your nation's economy is that you must build capital.

answer

true

question

Charles Goodyear learned the process of rubber, which gave it great strength and durability.

answer

vulcanizing

question

The fourth point of building an economy is to see what technology is available.

answer

true

question

Inflation hurts the debtor, but helps the creditor.

answer

false

question

Inflation leads to uncertainty and confusion about prices. It interferes with planning for the future.

answer

true

question

Labor demands a higher wage to compensate for inflation, which leads to higher prices, then even higher wages. This is called a .

answer

wage-price spiral

question

The result of inflation is a in the general price level.

answer

rise

question

The strength of the dollar against foreign currencies is known as the:

answer

exchange rate

question

If a company is experiencing great prosperity, we say they are experiencing a boom.

answer

true

question

The American dollar is worth exactly the same as the Japanese yen and the Mexican peso.

answer

false

question

A rebate is usually where you get money sent back to you after you send in a requirement, like the UPC symbol on the side of a box.

answer

true

question

A tariff is like an added-on tax.

answer

true

question

Kroger® and Safeway supermarkets often send out printed certificates which entitle the bearer to certain financial benefits. These certificates are called .

answer

coupons

question

Swiss chocolates and Japanese electronics are shipped into harbors around our country every week. We call these products brought in from other countries .

answer

imports

question

boom capital goods competition coupon exchange rate Gross National Product prosperity sales tactics tariff

answer

When one enjoys an increase in production and demand; when prosperity is high. The use of one's own goods to produce more goods for the future. Two or more businesses which battle for the consumer's purchasing choices. A printed certificate which entitles the bearer to certain financial benefits, like a discount or rebate. The strength of the dollar against foreign currencies. Adding up the value of all of a nation's goods and services in a given year. Affluence or superabundance. Strategy used to entice the consumer to make a purchase. A tax on imported goods.

question

Burghers were a feudal class of people in Europe who were owned by the heads of the estates where they worked.

answer

False

question

1 antitrust laws 2 burgher 3 closed shop 4 manorial estate 5 medieval fair 6 middle class 7 picket 8 serf 9 strike 10 trading center 11 unions

answer

1 Laws which regulate or curtail business monopolies or dominant financial organizations. 2 Townspeople of the Middle Ages. 3 A workplace where only union members may be hired. 4 Medieval lands owned by a nobleman or lord for whom the serfs labored and to whom they owed allegiance. 5 Regional collection of markets and tradesmen who gathered for the purpose of purchasing goods and services. 6 The financial standing which finds a person in the median income range; not poor but not rich. 7 To encircle a plant or block a plant entrance by unionists carrying signs or placards expressing their concerns. 8 A member of a feudal class in Europe which was owned by the heads of the estates where they worked. 9 An organized work stoppage and walkout. 10 Cities such as Venice and Genoa that became hubs of economic activity in Europe. 11 Organized fellowships of workers with similar work experience or talents.

question

designed the first all-iron bridge constructed in England and his factory cast the iron for it.

answer

Wilkinson

question

Many of the early unions were capitalistic in their philosophy.

answer

false

question

Unions have been getting significantly stronger in the past decades.

answer

false

question

The AFL was organized as a union of skilled workers only.

answer

true

question

In 2000, Microsoft ® founder William H. Gates III was listed by Forbes ® magazine as being worth billion.

answer

$60

question

A medium of exchange is a good that all people accept as a means of .

answer

Payment

question

The Crusades had whetted the European appetite for Eastern goods. When were the Crusades?

answer

(ca. 1095-1204)

question

Which is NOT TRUE of Europe after the Crusades?

answer

The workers' strikes helped the increase of trade

question

_____ rounded the Cape of Good Hope in 1487.

answer

Bartholomew Diaz

question

The surviving crew members of the expedition led by _____ were the first people to circumnavigate the globe.

answer

Ferdinand magellan

question

_____ discovered the Western Hemisphere in 1492.

answer

Christopher Columbus

question

During the 1400s and 1500s, wealth was defined by the amount of _____ one's country had.

answer

Gold

question

The Western Hemisphere created for Europe a source of , gold and silver, and colonial markets.

answer

raw material

question

1 Adam Smith 2 Age of Exploration 3 bookkeeping 4 duchies 5 enclosure movement 6 gold coinage 7 investor 8 market economy 9 medium of exchange 10 sheriff

answer

1 The "father of economics" who wrote the Wealth of Nations. 2 Time period during and after the Revolution which was brought about in the quest for new trade routes. 3 The act of keeping accounts, balances, and transactions of a business. 4 A region ruled by a duke or duchess. 5 Fencing in property in order to raise sheep for their wool to meet an increasing demand for the product. 6 A monetary unit that was a strong universal standard in the Middle Ages. 7 One who commits money or capital in hopes of receiving a future financial benefit. 8 An established and regulated exchange for business between buyers and sellers on a regular basis. 9 A good that all people accept as a means of payment. 10 An office developed by kings in order to weaken nobility; answerable only to the king.

question

A search for gold was begun in the New World. New sources were discovered in ______ and in the Western Hemisphere.

answer

Africa

question

The International Monetary Fund, or IMF, assists nations in their international environmental affairs.

answer

false

question

barter dollar flexible exchange rate foreign exchange market international exchange rate International Monetary Fund international reserves shekel. yen

answer

1 The exchange for goods without the use of money. 2 American and Canadian units of money. 3 A system that reacts to the demand for the currency of a country. 4 Determination of the activity of a country's economy to figure out the current exchange rates. 5 The price of one country's currency as compared to another country's currency. 6 Assists nations in their international financial business. 7 Foreign holdings government has to buy its own currency and strengthen its exchange rate. 8 Israeli unit of money. 9 Japanese unit of money.

question

Countries have their own currency while their stays locked in vaults to assure the strength of their monetary system.

answer

gold

question

An exchange for goods without the use of money is called inflation.

answer

false

question

These units of money are important to learn because of the power of the U.S. dollar that goes against the other international currency and gives us an idea of our international .

answer

buying power

question

An exchange rate is the price of one country's currency as compared to another country's currency.

answer

true

question

If you went to a teller in the bank to get $50 in cash from your account, she might ask you in what denominations you would like the cash, such as tens or fives. Denomination means a unit of particular value in a currency system.

answer

true

question

In 1945, $10,000 bills were discontinued for public use by the Board of Governors of the Federal Reserve System.

answer

true

question

The moving of money throughout the country, from business to business and person to person is called circulation.

answer

true

question

Every state could have their own paper money during the Free Banking Era.

answer

true

question

A counterfeit is an imitation of the genuine money, created with the intent to defraud.

answer

true

question

The unity of the U.S. currency was lost with the Korean War.

answer

false

question

A "war-time" money was once printed that was good only in Hawaii.

answer

true

question

The First Bank of the United States was started in _____.

answer

1791

question

The Free Banking Era was in the .

answer

1800s

question

In the 1860s, Congress authorized the use of postage stamps for change, which was later replaced by a glueless stamp. This was known as:

answer

postal currency

question

Laws which regulate or curtail business monopolies or dominant financial organizations are called anti-trust laws.

answer

true

question

John Wilkinson invented the cylinder boring machine.

answer

true

question

States began to pass laws, called right-to- laws, banning the union shop.

answer

work

question

designed the first all-iron bridge constructed in England and his factory cast the iron for it.

answer

not maudslay

question

Between 1952 and 1955, Walter Reuther of the and George Meany of the negotiated a merger of the two organizations: the AFL-CIOSM.

answer

CIO and AFL

question

Many of the early unions were Marxist in their philosophy

answer

true

question

In 2000, Microsoft ® founder William H. Gates III was listed by Forbes ® magazine as being worth $60 billion.

answer

true

question

There was political division in the continent of Europe during the 9th and 10th centuries, which limited trade.

answer

true

question

A search for gold was begun in the New World. New sources were discovered in ______ and in the Western Hemisphere.

answer

Africa

question

A is a good that all people accept as a means of payment.

answer

medium of exchange

question

Gold was accepted as the universal exchange.

answer

true

question

During the 1400s and 1500s, wealth was defined by the amount of _____ one's country had.

answer

gold

question

The Age of Exploration helped set the stage for the development of the free market economy in Western Europe and in America.

answer

true

question

The Western Hemisphere created for Europe a source of , gold and silver, and colonial markets.

answer

raw materials

question

When American cars sales were suffering due to Japanese imports, the government instituted a tariff.

answer

true

question

Coupons, used to entice the consumer to make a purchase, are examples of .

answer

not rent tactics

question

Saudi Arabia enjoys wealth from its vast oil fields. This country is still enjoying great .

answer

prosperity

question

Mark the statement that is NOT true.

answer

The American dollar is worth exactly the same as the German mark

question

South African diamond mining companies will take some of the diamonds they have mined and use them in their drill bits.The diamonds that are used for that purpose are known as capital goods.

answer

true

question

You arrive at the Gross National Product by adding up the value of all of a nation's workers and people who want to work in a given year.

answer

false

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