Factors of Production
Oil is this Factor of Production
When a good is in short supply.
Scarcity
What is a renewable resource?
Resources that replace themselves over time
Traditional
What is the main focus of the quaternary sector?
Information, knowledge, and research based services
A mechanic is this Factor of Production.
Human Resource
A tax on imports
Tariff
Give an example of a renewable resource.
Soil, Water, Trees
This type of economy is influenced by supply and demand
Market Economy
Which of these belongs to the tertiary sector?
1. Mining Coal
2. Building a wooden table in a factory
3. Teaching students in a middle school
4. Harvesting wheat on a farm
3. Teaching students in a middle school
A saw is this Factor of Production.
Capital Resource
Interdependence
What is a non-renewable resource?
Resources that will not replace themselves.
This type of economy is one where the government closely controls the economy.
Fishing is what type of economic sector? (Primary, Secondary, Tertiary, or Quaternary)
Primary
Bill Gates is this Factor of Production.
Enterprise
How badly people want a good or service
Demand
Give an example of a modern group of people that use a traditional economy.
Inuit Tribes, Amish
This type of economy is a combination of parts of a market economy with parts of a command economy.
Mixed Economy
Manufactured Goods is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)
Secondary
There are two types of Natural Resources.
Renewable and Non-Renewable
To sell to another country
Export
Give an example of a non-renewable resource.
Fossil Fuels, Oil, Coal, Natural Gas, Gold, Iron, Copper
The Yanomamo are a South American Indian tribe living in spread out villages in the Amazon region of Brazil and Venezuela. The Yanomamo had no contact with outsiders until the middle of the twentieth century. The Yanomamo grow plantains and bananas for much of their food. They supplement this with hunting and gathering palm fruit. They meet their basic needs without outside contributions or trade. The fathers teach their sons how to hunt, the mothers teach their daughters to cook
Traditional Economy
Advertising is what type of economic sector? (Primary, Secondary, Tertiary, Quaternary)
Quaternary