Ch. 2 - Economics and Citizenship

An economic system where individuals rather than the state own most of their resources.

A continued rise in prices is a sign of what?

An economic system where custom decides what people make, buy, an sell is called what?

The goods that a country buys from other countries.

This is a system in which each branch of government limits the powers of the other branches.

In order for people to make goods and offer services, people need what?

Earth's surface and its natural resources

The act of running a business and taking risks is called what?

Goods shipped out of a country and sold elsewhere.

What is the ability to work called?

To become a U.S. citizens, people from other countries must go through this process.

The amount of something that a consumer wants to buy is called what?

All of the following are resources needed in economics except?

Low or no supply of something is called what?

An economic system where the government has some control over what/how much is made, but individuals decide the rest.

I had someone mow my lawn for money. What is this an example of?

What is freedom of expression?

The money and goods used to help people make or do something is called what?

This branch of U.S. government is made-up of Congress and makes laws.

The study of how and why people make, buy, and sell goods.

An economic system in which the central government decides what goods will be made and who will receive them.

What type of economy does the US have?

The value of whatever you choose not to make or buy?