Unit 1 Vocabulary - Economy, Government: Question Preview (ID: 20724)


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industry that provides services like banking, education, and tourism to people rather than producing goods
a) GDP b) Globalization c) Manufacturing d) Service Industry
Money owed by a nation's government
a) Personal Debt b) National Debt c) GDP d) National Income
development of a world culture and interdependent world economy
a) Globalization b) Scarcity c) Cultural Diffusion d) Cultural Borrowing
people do the same job that their parents did. Many people are simple farmers who grow just enough food to feed their families and most communities make what they need locally
a) Command Economy b) Free Enterprise System c) Traditional Economy d) Mixed Economy
an economic system in which both the government and individuals play important roles about what to produce
a) Command Economy b) Free Enterprise System c) Traditional Economy d) Mixed Economy
economic system that operates on free competition, in which people start and own businesses with limited government intervention. Market Economy - economy driven by forces including competition, supply, and demand
a) Command Economy b) Free Enterprise System c) Traditional Economy d) Mixed Economy
an economic system in which the government makes decisions about what to produce
a) Command Economy b) Free Enterprise System c) Traditional Economy d) Mixed Economy
the management of the resources of a community, country, etc., especially with a view to its productivity. The way an economic system of a country is arranged
a) Geography b) Economy c) Debt d) Income
Type of government where, through law, some control is placed on leadership's powers.
a) Communism b) Socialism c) Limited Government d) Unlimited Government
Government in which leaders rule without any restrictions.
a) Free Enterprise b) Democracy c) Unlimited Government d) Limited Government
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