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5 Written questions

5 Matching questions

  1. command economy
  2. secondary industry
  3. economic system
  4. economy
  5. production process
  1. a natural resources + human resources + capital resources = goods and services
  2. b how a country's economy is organized, determines what to produce, how to produce it and who to produce it for
  3. c careful management of producing, distributing and consuming wealth and resources
  4. d process materials - manufacturing
  5. e government controls/owns businesses and property, government makes all economic decisions/North Korea/Cuba

5 Multiple choice questions

  1. services for producing or selling things - banking and retail
  2. minerals, water, trees and land
  3. human effort and energy used in production
  4. based on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies
  5. one who uses goods or services

5 True/False questions

  1. wagesanywhere goods or services are sold or traded


  2. productive resourceswhat we need to produce goods and services,
    natural, human and capital resources


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


  4. servicethere 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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