Lesson 1:
Economic Resources
Lesson 2:
Inter-
dependence
Lesson 3:
Economic Systems
Lesson 4: Specialization and Interdependence
Lesson 5:
Economic Activities
100
Another name for workers
What are human resources?
100
Define interdependent.
What is depending on one another for resources?
100
The way that people in a country decide how to use resources to produce goods and services.
What is an economic system?
100
Becoming good at one kind of job or skill.
What is specialization?
100
An economy based on many industries
What is a diverse economy?
200
The machines, buildings, and tools needed to produce goods and provide services.
What are capital resources?
200
Why do countries trade with one another?
To better meet the wants and needs of their people.
200
This economy shows little change from olden days.
What is a traditional economy?
200
Industries that have made fast advances and invent, build, or use computers and other kinds of electronic tools are called...
What is high-tech?
200
Define division of labor.
What is dividing work so that people do only a specific job?
300
Soil, water, minerals, and fuel
What are natural resources?
300
Why does the US have a food surplus?
The country has rich agricultural resources and farmers grow more food than its people can use.
300
Raising just enough food for your family and very little more is called...
What is subsistence farming?
300
The decade that the Information Age began.
What is 1970s?
300
The use of a good or service is called...
What is consumption?
400
Define raw material.
What is any natural resouce that can be used to make a product?
400
Tell two examples of US imports and exports.
Imports: oil, bananas Exports: crops, computers, cars
400
In this economy, the government or some central power makes most of the economic choices.
What is a command economy?
400
Buying and selling goods online is also called...
What is e-commerce?
400
Making goods or offering services is called...
What is production?
500
How does scarcity affect the economy?
Goods are harder to find, and prices go up.
500
Name one country and its product on whom the US is interdependent.
Mexico: oil Central American countries: coffee, bananas Bahamas/Carribean Islands: tourism Canada: minerals, fuel, fish
500
The type of economy in the US where businesses are owned and run by individuals.
What is a market economy?
500
How have new discoveries, inventions, and innovations led to more interdependence between countries?
Now businesses are more specialized, which means they are doing only one kind of job, and then depending on others to do or make the other parts.
500
Name an economic activity of the US, Canada, and Mexico.
US: a diverse economy including service industries, agriculture, and industries Canada: natural resources Mexico: farming, mining, and manufacturing
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