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What is the name of the plan that you can create to decide how to use the money that you earn, spend, and save?
Budget
How does the government collect money in order to spend money on things like schools, military, parks, and roads?
Taxes
What do you call it when specialized jobs are given to workers in order to more efficiently produce goods?
Division of Labor
What is it called when a worker is given one specific job to do when producing goods?
Specialization
Goods and services that someone must have in order to survive are known as what?
Needs
Goods and services that someone would like to have, but that they do not need are known as what?
Wants
Goods that are brought IN from another country are known as____________.
Imports
Goods that are sent OUT to another country are known as _______________.
Exports
What do you call it when people rely on one another for the goods and services that they need?
Interdependence
Which type of economy relies on the practice of "subsistence," where families would produce only what they need in order to survive?
Traditional Economy
In which type of economy is the production of goods controlled by the government?
Command Economy
In which type of economy do businesses have free choice in which goods they produce?
Market Economy
What do you call items that you can purchase, such as food, video games, or cell phones?
Goods
What do you call activities that can be provided by other people, such as doctors, dentists, or police officers?
Services
