Share Social Chapter 4 Review
Save to Folder
What is the difference between a want and a need?
Needs are something you must have to survive, want is something you would like
Which one of these is a need?
Cinema tickets, iPad, food, piano lessons
Which one of these is a want?
Water, holiday, shelter, food
What is a producer?
A person or company who make a good or service to sell to others
What is a consumer?
A person or company who buys a good or service
What is a free enterprise system?
When producers have the right to produce any goods or services they want
What is a command economy?
When the government decides what goods and services can be made and sold
Which part of the economy grows much of the food you eat?
Agricultural
Which part of the economy gets people and goods from place to place in cars, trains and planes?
Transportation
What is private property?
The land, homes, stores and goods people or companies own
Can you name one example of a good and one service that the government produces/provides?
Produces roads and bridges, provides service of police
What is inflation?
A rise in the usual price of goods and services
If the price of a video game was $40 last year but inflation is 5%, what is the price now?
$48
What is profit?
The money a business has left after paying all of it's costs
What is an entrepreneur?
A person who takes a risk and opens a business, believing it will make them money
What is supply?
The amount of a product businesses have available to sell
