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