Resources and Production
Supply and Demand
Economic Systems
Measuring Economies
Trade
100
What are the four major kinds of resources?
What are land, labor, capital, and entrepreneurship.
100
Describe and give an example of supply.
What is the amount of a good or service that a producer wants to sell.
100
This economy is based on custom.
What is traditional.
100
What is it called when economies grow and shrink over time?
What is a business cycle.
100
Define imports and exports.
What are the goods and services that a country buys from other countries (imports) and goods that are shipped out of a country and sold somewhere else (exports)
200
Differentiate between land and labor.
What is land includes the surface of earth and its natural resources. Labor is the ability of people to do work.
200
Describe and give an example of demand.
What is the amount of something that a consumer wants to buy.
200
The ancient civilizations of Egypt and Mesopotamia began as this type of economy?
What is command.
200
Define recession.
What is when an economy grows very slowly or shrinks.
200
What is the goal of free trade?
What is a world market where people are allowed to choose what to buy and sell.
300
Define capital.
What is money and goods used to help people make or do things.
300
Describe and give an example of scarcity.
What is the lack of a resource.
300
The United States has this type of economy.
What is market or individual.
300
Define inflation.
What is rising prices.
300
Describe bartering in ancient civilizations.
What is answer found on page 42.
400
Describe and give an example of entrepreneurship.
What is the act of running a business and taking on the risks of that business.
400
Describe and give an example of opportunity cost.
What is what you give up to make it or buy it.
400
List and describe four different types of economies.
What is traditional, command, market (individual) , and mixed. Descriptions on pages 40-41.
400
What is it called when the economy grows quickly?
What is a boom.
400
Describe globalization in relation to USA, Japan, and China.
What is answer found on page 43.
500
Why is technology an important resource?
What is technology can make it easier and cheaper to create goods.
500
In a free market, how do the forces of supply and demand balance each other over time?
What is the buyer and seller will agree on a price and amount that satisfies both.
500
Cuba has which type of economy?
What is command economy.
500
Compare and contrast between a command economy and a traditional economy.
What is command economies rely on central government control and traditional economies rely on custom.
500
What types of barriers might prevent trade between countries?
What is countries choose what to trade based on the scarcity of their own resources, their ability to make certain terms, and which items offer them the greatest competitive advantage.
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