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