States of the Northeast Region 1
Look at the map. Which number identifies New Hampshire on the map?
2
Look at the map. Which number identifies Vermont on the map?
3
Physical products such as food, shirts, and cell phones are known as
goods
To get the products we need and want countries engage in ________
trade
The word meaning the study of how people meet their wants and needs
Economics
Look at the map. Which number identifies Maine on the map?
1
Look at the map. Which number identifies Massachusetts on the map?
9
True or False
There is no limit to the things that people want, but there are limits to what can be produced.
True
What is the word for something that a country is good at producing?
Comparative Advantage
The word meaning a tax on imports or exports
tariff
Look at the map. Which number identifies New Jersey on the map?
8
Look at the map. Which number identifies New York on the map?
4
Which type of economy is based on their group's customs and values
Traditional Economy
What is the difference between foreign and domestic trade?
Foreign trade is among different countries, while domestic is trade within one country
The word meaning a person or business that buys or consumes goods or services
Consumer
Look at the map. Which number identifies Connecticut on the map?
10
Look at the map. Which number identifies Rhode Island on the map?
11
Which type of economy has the central government make all the economic decisions?
A command economy
Describe the difference between a developed country and a developing country
A developed country is a country with a strong economy and a high quality of life, while a developing country is a country with a less productive economy and a lower quality of life
What is free trade?
Removal of trade barriers
Look at the map. Which number identifies Pennsylvania on the map?
5
Look at the map. Which number identifies Maryland on the map?
6
Describe supply and demand
Supply is the amount of a good or service that is available for use. Demand is the desire for a particular good or service
What does GDP stand for and what does it mean?
Gross Domestic Product, it is the total value of all goods and services produced in a country in a year
What is productivity?
Amount of goods and services produced given the amount of resources used