Power of One: Economics

This resource refers to all the machines, tools, and money.

The amount of goods and services workers can produce in a given time

When productivity goes up on an item, the price of that item (usually) goes _____________.

All of the following are advantages of specialization except:

Almost all economies in the world are:

Which of the following are factors of production?

All of the following are three basic questions all economic systems must answer except:

The "invisible hand" guiding people to work hard for money describes a

An Inuit village that hunts whales like their ancestors is an example of a:

A limit on the amount of an imported good allowed in a country

In a _____________ economy, government leaders answer the 3 basic economic questions.

Citizens of the Soviet Union worked at government owned factories. This is an example of:

The people's ability to start a new business or improve old ones.

The United States is an example of a _____________ economy.

The work you do is one type of resource called

Most jobs in the United States and Canada are __________ jobs.

Tax on an imported good.

The act of cutting off all trade with a country.

When the people, not the government, decide on how to answer the 3 basic economic questions

This occurs when a person, country, or region works on making one part of an item.

Founder of the assembly line. Allowed for increased productivity.

The belief that governments, rather than individuals, should own a country's major industries

The most basic of all economic problems is __________. Not enough of everything to go around

Money given to companies or groups to lower the cost of the production of products.

This type of economy does things the way they were done in the past

Economics is all about making:

Under ______ the government owns all property; people take what they need and all needs are met

Refers to raw materials found in the earth

The idea that people should have an incentive to make a profit (Adam Smith) describes

When governments restrict trade or interactions with another country