7th Gr. Unit 7 History Flash Cards

wants

amount of a good produced

study of production, consumption, and distribution of wealth

basics of life; food, clothing, shelter

abstaining from consumption; not using

what people want to have produced

amount charged for goods and services

collected by government to provide public services

spending on capital goods

businessman

human resource

people whose wants are satisfied

competition between producers and low prices for consumers

economic system in which the government controls economic decisions

problems of distributing resources to best satisfy wants

problems of distributing resources to best satisfy wants

producers are under-supplying and making a large profit

economic system of the United States

regulates economic system, collects taxes, balances total supply and demand

gold which backs up currency

organized means by which a nation uses its resources to satisfy its wants

economic rivalry among sellers

man-made resources used in production

land, labor, capital goods, entrepreneurship

bank deposits; demand deposits on which people write checks

Human wants must be satisfied by

Society as a whole can never keep up with

Specialization causes people, regions, and countries to become more

When the supply of a product is less than the demand, prices and profits

Taxes the government collects are spent on

What does the Bible advise for economic success?

What is NOT a function of money?

What is created by mass production?

The borrower is

A tithe means

What are 4 important decisions our economic system helps us make?