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Review: Economics Flashcards | StudBud
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Review: Economics
Review: Economics
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Flashcards
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Questions
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Answers
1
Materials on or in the earth that have economic value
Primary Level of Production
Synthetic
Natural Resources
Human Resources
2
All the Goods and Services produced within a country within a year
Industry
Imports
Gross Domestic Product
Food Service
3
Raising just enough food or animals to feed their family
Subsistence Agriculture
Commercial Fishing
Commerical Agriculture
Culture
4
Production of goods and services is determined by the demand from consumers
Supply Curve
Free Market Economy
Command Economy
Barter system
5
Raw Materials are gathered, made into a product of value. What happens during the Third or Tertiary level?
The data is analyzed
Vacation Holiday
Products are sold
Services on given product are provided
6
Things as power, water, sanitation, and transportation systems.
Trains and ships
Hydroelectric power
Recycling
Infrastructure
7
The way people make and exchange goods and services
Religious system
Economic System
Caste system
Political System
8
The Economy determined by a central government
Democracy
Command Economy
Free Market
Communist political system
