NAME: ________________________

Economics Test

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5 Written Questions

5 Matching Questions

  1. tertiary industry
  2. traditional economy
  3. human resources/labor
  4. service
  5. productive resources
  1. a what we need to produce goods and services,
    natural, human and capital resources
  2. b based on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies
  3. c a job done for someone else
  4. d human effort and energy used in production
  5. e transport and distribute goods and services - deal with communication - highways, telephones, airlines

5 Multiple Choice Questions

  1. anywhere goods or services are sold or traded
  2. how a country's economy is organized, determines what to produce, how to produce it and who to produce it for
  3. one who grows agricultural products or manufactures goods
  4. government controls/owns businesses and property, government makes all economic decisions/North Korea/Cuba
  5. items made or grown (produced)

5 True/False Questions

  1. natural resourcesbuildings, machines, tools and equipment

          

  2. wagesamount paid to an individual for services provided

          

  3. quarternary industrytransport and distribute goods and services - deal with communication - highways, telephones, airlines

          

  4. scarcethere are not enough productive resources to provide all of the goods and services wanted by citizens

          

  5. opportunity costthe value of your next best alternative

          

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