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7th Grade Civics -- Chapter 17 -- The Economic System Flashcards | StudBud
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7th Grade Civics -- Chapter 17 -- The Economic System
7th Grade Civics -- Chapter 17 -- The Economic System
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1
what is a partnership?
2 or more owners of the business
The explosion of organic and eco-friendly products
When one owns the business
A big company
2
What is profit
money remaining from revenues after expenses are paid
the study of how goods and services are produced
the least amount of money paid for a product
the amount of satisfaction a person receives from a product
3
What is a Sole Proprietorship?
A business owned by one person
A business owned by two people
A business owned by anyone
A business owned by multiple people
4
The law of demand states as the price increases
The consumer demand remains the same
The consumer demand decreases
The consumers are demanding
The consumer demand increases
5
What is Free Enterprise?
Economic system, business is mostly free from state control.
Economic system, state owns all businesses.
Economic system, business is completely free from state.
Economic system, business is run by the state.
6
What is scarcity?
Short supply
The right amount
More than enough
being scared at All Hallow's Eve
7
What is a stock?
A large corporation
An investment in a particular bank account
A particular business
Partial ownership in a company
8
Wal-Mart is a monopoly.
False
True
9
What is a press conference?
A meeting between people who are giving and getting information
A meeting with Party nominees and their opponents
A private meeting between presidential candidates
A meeting held by public officials only on TV
10
What is an entrepreneur?
someone who invents their own product
someone who starts their own business
a type of doctor
someone who sells computers
11
Which is
not
true about a Free Market Economy?
The market determines prices
Resources are owned by the government
There is limited government control on what/how to produce
There is no economic plan
12
Define Scarcity
A social science dealing with people's needs and wants.
Needs and wants outweigh the amount of resources available.
A fundamental problem in society.
A limited amount of resources compared to prices.
13
what is the law of demand?
The law set by police
when the price increases,the demand decreases
when the price decreases, the demand increases
14
What is market economy?
Government is in charge
Individuals are in charge
Both government and individuals are in charge
No one is in charge
15
Structure is the way something is organized
True
False
16
what is the law of supply?
the price decreases when the quantity increases.
when the price rises the quantity increases.
when price and quantity both increase.
none of the above
17
An economic system in which the productive resources are owned by private citizens
democracy
capitalism
communism
free enterprise
18
What are Dividends?
negative earnings paid to the CEO
Profits paid to the CEO
Profits paid to Shareholders
Profits paid the workers only
19
What are stockholders?
People who buy stock and own a portion of a company
Digital folders that hold copies of stock certificates
Physical folders that hold stock certificates
People who buy stock and own all of a company
20
What is a Partnership?
a busniness monopoly
A legal form of business operation between two or more individuals
A business formed by one person who has people who help them
21
Pizza Hut having an oven is an exmaple of
capital
natural resources
scarcity
profit
22
An organization not looking to make a profit
monopoly
corperation
nonprofit organization
charity
23
A corporation has how many owners?
who ever owns shares of the stock of the company
none
one
2 or more
24
Who controls a market based economy?
The government has full control over the economy
The government has a limited role, and citizens deal with trade themselves
Buisnesses have full control over the economy
The government has a limited role, and companies run most of the economy.
25
Natural resources
will never run out
live without the help of humans
are found on the moon
are made by humans
