question

supply

answer

resources that are at hand; available goods

question

resources

answer

manufactured or raw materials; assets on hand

question

consumption

answer

the use of resources

question

selection

answer

the wise choice of available resources

question

economics

answer

the study of finances and their responsible uses in society

question

budget

answer

plans for the use of income and expenditures for a certain amount of time

question

Proverbs _ honors the woman who manages her household well (vs. 13 and 16).

answer

31

question

Check the boxes of the THREE types of economic systems.

answer

communism, mixed economy,capitalistic

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

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

answer

capitalism

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

Proverbs _ condemns those who cheat to get wealthy (v.6 and v. 8) and those who are obsessed with wealth (v. 20), but also compliments the man who works at his job diligently (v. 19).

answer

28

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

self-employed

question

market

answer

the business of buying and selling.

question

profit

answer

what a business has earned above all costs

question

goods

answer

merchandise or products bought and sold.

question

service

answer

a job where work is done for others.

question

monopoly

answer

the only seller of a particular good or service in a market.

question

consumer

answer

a person who makes purchases and uses goods and services.

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

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

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

answer

higher

question

Seventy year-old Mr. DeWitt Harris purchases a fifty-acre ranch in Arizona. He is a _ . Five year-old Bobby Mellore buys a 20-cent package of gum. He is also a _ .

answer

consumer,consumer

question

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

answer

monopoly

question

technology

answer

the type of inventions and research that science and business provide

question

economy

answer

a system of financial activity in a country or settlement

question

raw materials

answer

natural elements or substances from which things may be made

question

labor force

answer

all people in your nation who are working or are seeking work

question

natural resources

answer

available God-given assets for living or running a business

question

standard of living

answer

a measure of the affordability of the goods and services that are available to a consumer of a nation

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

resouces

question

Mark the statements that are TRUE.

answer

A labor force is all the people in your nation who are working or are seeking work., Descendants of the expelled Russian Mennonite farmers have continued to grow enormous crops of red wheat in the United States., It wouldn't make much sense to force an unskilled laborer to work in a surgical position

question

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

answer

True

question

Mark the statements that are TRUE about capital.

answer

Capital is your nation's money. ,Capital is your company's equipment and tools.,Capital is your country's plow-making business in Philadelphia.,Capital is your nation's factories and supplies.

question

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

answer

valcanizing

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

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

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

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

coupon

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

Snapple® Beverages

answer

saw a boom during their first years in the market

question

sales tactic

answer

strategy used to entice the consumer to make a purchase

question

Gross National Product

answer

adding up the value of all of a nation's goods and services in a given year

question

tariff

answer

a tax on imported goods

question

prosperity

answer

affluence or superabundance

question

When American cars sales were suffering due to Japanese imports, the government instituted an exchange rate.

answer

False

question

Both K-Mart® and Wal-Mart® businesses battle for the consumer's purchasing choices. They are engaged in a healthy _ .

answer

competition

question

South African diamond mining companies use some of the diamonds they mine in their drill bits. The diamonds that are used for that purpose are known as _.

answer

capital goods

question

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

answer

exchange rate

question

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

answer

prosperity

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

strike

answer

an organized work stoppage and walkout

question

anti-trust laws

answer

laws which regulate or curtail business monopolies or dominant financial organizations

question

unions

answer

organized fellowships of workers with similar work experience or talents

question

picket

answer

a member of a feudal class in Europe which was owned by the heads of the estates where they worked

question

closed shop

answer

a workplace where only union members may be hired

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

Cities such as Venice and Genoa that became hubs of economic activity in Europe were known as _ .

answer

trading centers

question

During medieval times, the Western countries were largely composed of manorial _ .

answer

estates

question

Mark the statements that are true.

answer

The Taft-Hartley Act forbade a closed shop . ,John Wilkinson invented the cylinder boring machine. ,Each manor was owned by a nobleman to whom the serfs owed allegiance. ,The burghers looked to the monarch for protection. ,Maudslay designed a number of machine tools which were instrumental in speeding up and improving work.

question

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

answer

wilkinson

question

The CIO, or Congress of Industrial Organization, was started in _ .

answer

1936

question

Between 1952 and 1955, Walter Reuther of the_ and George Meany of the _negotiated a merger of the two organizations: the AFL-CIO SM .

answer

cio,afl

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

medieval fair

answer

the regional collection of markets and tradesmen for the purpose of purchasing goods and services

question

middle class

answer

the financial standing which finds a person in the median income range; not poor but not rich.

question

manorial estates

answer

lands owned by a nobleman or lord for whom the serfs labored and to whom they owed their allegiance.

question

trading centers

answer

cities such as Venice and Genoa that became hubs of economic activity in Europe.

question

burghers

answer

townspeople of the Middle Ages.

question

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

answer

True

question

Two of the largest CIO unions are the:

answer

United Automobile, Aerospace and Agricultural Implement Workers of America ® ,United Steelworkers of America

question

sheriff

answer

an office developed by kings in order to weaken nobility; answerable only to the king

question

Age of Exploration

answer

end of the Middle Ages brought about in the quest for new trade routes and raw materials

question

bookkeeping

answer

the act of keeping accounts, balances, and transactions of a business

question

gold coinage

answer

a monetary unit that was a strong universal standard in the Middle Ages

question

enclosure movement

answer

fencing in property in order to raise sheep for their wool to meet an increasing demand for the product

question

Adam Smith

answer

the "father of economics" who wrote the Wealth of Nations

question

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

answer

60

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

answer

payment

question

Mark the statements that are TRUE about Europe during the ninth and tenth centuries.

answer

Trade was difficult. ,There was political division in the continent. ,Europe was a mass of small duchies and provinces.

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

Gold was accepted as the universal exchange in the later Middle Ages.

answer

True

question

investor

answer

one who commits money or capital in hopes of receiving a future financial benefit

question

market economy

answer

an established and regulated exchange for business between buyers and sellers on a regular basis

question

medium of exchange

answer

a good that all people would accept as a means of payment

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 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

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

answer

False

question

International reserves

answer

"back up" system for countries

question

Foreign exchange markets

answer

determine the exchange rates

question

euro

answer

proposed European unified currency

question

IMF

answer

sort of a "United Nations of Financial Diplomacy."

question

pound

answer

British unit of money

question

The unit of currency in Japan is the _____.

answer

yen

question

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

answer

Gold

question

The _ is the unit of currency in the Canada.

answer

dollar

question

goods

answer

things that are grown, mined, or manufactured

question

shekel

answer

Israeli unit of money

question

franc

answer

Swiss unit of money

question

flexible exchange rate

answer

a system that reacts to the demand for the currency of a country

question

barter

answer

exchange for goods without the use of money

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 First Bank of the United States was started in _____.

answer

1791

question

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

answer

true

question

Treasury Department

answer

agency of the United States Government which oversees the maintenance of the currency of the nation

question

Federal Reserve System

answer

central banking system of the U.S.; duties include regulation of local banks

question

bank note reporters

answer

1800s era publications printed and passed out to help people identify counterfeits

question

greenbacks

answer

slang term for dollar bills, because of the green ink used to print the money

question

Free Banking Era

answer

1837-1863 time span when banks were free to print and circulate their own dollars

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 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

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

Q/Government and Economics – Unit 6: Free Enterprise – Flashcards

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