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Chapter Eight Review Flashcards | StudBud
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Chapter Eight Review
Chapter Eight Review
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Answers
1
Demand is
the number of people who want or need something
the amount of something that is available
another name for a service
a name of a coin used in the Caribbean
2
Which of the following is counted in our market Value ?
Intermediate Goods
Final Goods
Illegal Goods
Resold items
3
Renewable or non renewable
Non renewable
Renewable
4
FreeEnterprise Economies are also called _________________Economies or Market Economies.
government-run
socialist
capitalist
market
5
What is a non-renewable resource?
A resource that cannot be renewed once it runs out.
A resource that costs a lot of money.
A resource that can be renewed.
A resource I can't take back to Walmart.
6
what is sustainability?
capability to adapt
capability to kill
capability to endure
capability to survive
7
Renewable or non renewable
Renewable
No renewable
8
What is Free Enterprise?
Economic system, state owns all businesses.
Economic system, business is run by the state.
Economic system, business is completely free from state.
Economic system, business is mostly free from state control.
9
What is Urbanization?
The movement of people to cities
The movement of people to the countryside
The mass production of iron
The falling apart of society
10
To promote goods and services
Product
Business
Invest
Advertise
11
Job Specialization
An item that can help make life easier.
Defined occupations within a society.
A system that uses symbols to represent spoken symbols.
Political, social and financial centers.
12
What does profit mean?
amount gained, usually from a business
a special person
going up
a type of loan
13
To make a profit loss report, you
add up all the labor costs
add up the sales then subtract the expenses
add up the expenses then subtract the sales
equal the sales and expenses
14
Profit is?
I dont know
Money you get from business
free moneyy
When you sell something
15
When supply is greater than demand, a _________ will result
surplus
shortage
equilibrium
balance
16
The Ogallala Aquifer....
Is disappearing due to overuse
Will last forever
Protects from erosion
Is not safe for humans
17
the process by which nations, cultures, and economies become integrated, or mixed.
culturalization
mechinization
globalization
immigration
18
What is a minimum wage?
the smallest amount a person must receive hourly for work
the most a person can receive hourly for work
the smallest amount of food a company must give its workers
the closest a worker can live to where he or she works
19
What are some causes of urbanization?
Too many people in the area
People playing video games
More money to make and more opportunity
Less pay less work
20
Sustainability means
Preserving the earth's resources for future generations
The pressure the earth's sustains from gravity
Using all of the world's resources because they are endless
Recycling, reusing, burning, energy
21
Renewable or non renewable
Renewable
No renewable
22
Which of these are Non-Renewable Resource
all of them
Natural Gas
Maybe
oil
23
What is a surplus?
More of something than is needed
Trade
Belief in only one god
Farming
24
What does surplus mean?
To have less
Skinny
Small
To have extra
25
When demand is greater than supply, a _________ will result
equilibrium
shortage
balance
surplus
26
Specialization is when you.....?
Take naps
Becoming expert on a set skill or subject
Actually study and do your homework
Eat a whole pizza in less than an hour
27
Interdependence means...
Someone does something by themselves
One thing relies on the other thing to work
All of the above
Lots of things working together
28
Who determines supply?
Buyers
Sellers
29
The impact of COVID-19 on US stock market was:
The stock market remained the same
The stock market shut down
The stock market rose significantly
The stock market dropped significantly
30
A ________ buys goods and services
Profit
Standard of living
Consumer
Economic system
31
Aquifer
An underground layer of rock that water Moves through
A small harbor where small boats can dock
On or near the sea
Water
32
Minimum Wage is an example of
equilibrium
price ceiling
disequilibrium
price floor
33
Interdependence refers to:
act in such a way as to have an effect on each other
mutual dependence that the key functions have on one another
A mutually dependant relationship
Outsourcing
34
What is free enterprise?
remember, big brother is watching
People trading goods without using money
Privately owned companies produce the goods people buy
THE GOVERNMENT WATCHES OVER WHAT YOU DO
35
Profit is...
total revenue
cost to make products
Cost of labor/total expenses
Money earned after all expenses have been paid
36
Renewable or non renewable
Renewable
Non renewable
37
Urbanization
Moving to a rural area
A shift, of humans from rural areas, towns, and cities
The process of severe climate change
The process of people moving to an underpopulated Urban area
