Term
|
Definition
- Traditional Systems
- Command Systems
- Market Systems
are the 3... |
|
|
Term
|
Definition
| Individuals control production of goods and distribution of resources in this economic system |
|
|
Term
|
Definition
- this system led to globalization
- the idea of businesses having the freedom to operate for a profit with little government intervention
- same as market economy and capitalism
|
|
|
Term
|
Definition
- the idea that the amount of goods produced will be determined by the demand for those goods
- the amount of good available and the desire to own and pay for something
|
|
|
Term
|
Definition
- economic freedom
- voluntary exchange
- private property rights and
- profit motive
are all characteristics of the... |
|
|
Term
|
Definition
| more goods will be bought at lower prices and fewer goods will be bought at higher prices are the forces of... |
|
|
Term
|
Definition
| the amount of goods available |
|
|
Term
|
Definition
| the desire to want something and pay for it |
|
|
Term
|
Definition
- wants
- needs
- goods and
- services
are all basic concepts for... |
|
|
Term
|
Definition
| land, labor, capital, surplus, scarcity, limited resources, producer, consumer, and Mass Production are all factors of... |
|
|
Term
|
Definition
- the quantity supplied of a good is greater than the quantity demanded
- this will cause the price of the good to decline
|
|
|
Term
|
Definition
- the supply of a good does not satisfy the demand for the good
- this will cause the price of a good to increase
|
|
|
Term
|
Definition
| a way to produce goods at once such as using an assembly line, division of workers, and interchangeable parts is known as... |
|
|
Term
|
Definition
| produces a good by moving down a line of workers |
|
|
Term
|
Definition
| pieces that are the same and easy to build and repair goods are known as... |
|
|
Term
|
Definition
| when the work to be performed is divided into separate tasks |
|
|
Term
| pre-industrial revolution |
|
Definition
during this time frame:
-society was largely rural
-most were farm workers and
-the economy was mostly of goods made by hand |
|
|
Term
|
Definition
during this period,
*society was largely urban
*most were specialized workers
*the economy is highly diversified
*good are manufactured by machines |
|
|
Term
|
Definition
| the steam power, economic growth, rise in immigration, inexpensive goods, technology innovations, child labor, city population growth, and the establishment of trade unions led to the... |
|
|
Term
| People moved to cities causing a population shift from rural to urban areas |
|
Definition
Cause: improvement in farming technology
Led to: fewer jobs for farm workers
The effect would be that... |
|
|
Term
| North American Free Trade Agreement (NAFTA) |
|
Definition
| An agreement between the US, Canada, and Mexico, signed in 1993, to reduce tariffs and encourage trade |
|
|
Term
|
Definition
| good brought into a country for sale |
|
|
Term
|
Definition
| goods sent out of a country for sale |
|
|
Term
|
Definition
| when a nations's exports is more than imports |
|
|
Term
|
Definition
| primary, secondary, tertiary, and quarternary are all sectors of... |
|
|
Term
| more workers are well educated in economically developed countries |
|
Definition
| Tertiary sector, dealing with teaching law, healthcare, and banking, as well as the Quarternary sector, dealing with information technology and scientific research are sectors of the economy in which... |
|
|
Term
|
Definition
| the production of cottonseed, oil, flour milling, timber, meat packing, and mining were the leading industries for what state and what year |
|
|
Term
|
Definition
| production of cottonseed oil, petroleum refining, and continuation of meat packing and flour milling were the leading industries in what state and year? |
|
|
Term
|
Definition
| agriculture, cattle ranching, cotton, railroads, oil and lumber are all a part of... |
|
|
Term
| The establishment of new towns across the US on railroad routes |
|
Definition
Cause: the completion of railroads led to opening of the west
This resulted in what effect? |
|
|
Term
|
Definition
oil was discovered here in 1901 in Beaumont, Texas
It led to the boom of oil and gas and became the major source of revenue for Texas |
|
|
