GED Social Studies Ch 20 Economics #1

Economics is the study of:

Money

Spending Money

Making Money

How society meets its needs through the production of goods and services

Capitalism is a system where

People Only Use Capital Letters When Speaking or Writing

People refuse to use capital letters

An economic system where the means of production and development are privately owned and traded

Communism is an example of an economy where the means of mass production are owned by

The people

The state

The politicians

The government

Socialism is a type of government where

People are very social and visit regularly

People are isolated and don't talk to each other

An economy based at least partly, on central planning

An economy where many large industries are owned and operated by the government

The US is a mixed economy which means:

A combination of things like capitalism and government regulation

A combination of socialism and communism

Republican and Democrat

Only government regulation

To be an Entrepreneur means to

Own your own company

Own many companies

Starting your own business

Being in debt to many companies

Within economics, a country with an industrial base would have

Technology

Factories

Ability to raise money

Ability to acquire new skills, knowledge and factories

Microeconomics can be defined as

The view of individual markets through looking at goods and services

Focusing on the smaller parts of making money

A study of economics that focuses on supply and demand

The study of economics that focuses on global issues

Within economics, supply and demand can be defined as

Supply: the amount of items on a shelf

Supply: The amount of goods or services available at a certain time

Demand: How many people have these items

Demand: The need of consumers for these goods and services

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