5 Written Questions

1. the value of your next best alternative
2. based on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies
3. there are not enough productive resources to provide all of the goods and services wanted by citizens
4. transport and distribute goods and services - deal with communication - highways, telephones, airlines
5. minerals, water, trees and land

5 Matching Questions

1. quarternary industry
2. goods
3. command economy
4. human resources/labor
5. entrepreneurship

1. a items made or grown (produced)
2. b human effort and energy used in production
3. c skill, foresight, and determination it takes to start a business and produce a product
4. d services for producing or selling things - banking and retail
5. e government controls/owns businesses and property, government makes all economic decisions/North Korea/Cuba

5 Multiple Choice Questions

1. what we need to produce goods and services,
   natural, human and capital resources
   1. productive resources
   2. production process
   3. capital resources
   4. natural resources
2. one who uses goods or services
   1. economy
   2. market
   3. consumer
   4. producer
3. a job done for someone else
   1. service
   2. scarce
   3. market
   4. producer
4. anywhere goods or services are sold or traded
   1. scarce
   2. market
   3. wages
   4. goods
5. process materials - manufacturing
   1. quarternary industry
   2. primary industry
   3. tertiary industry
   4. secondary industry

5 True/False Questions

1. market economy/capitalism/free enterprise → resources are owned by private citizens, citizens can keep profits from their own businesses, price guides the marketplace/United States/China (somewhat)/Russia/European countries/Mexico

   True        False

2. capital resources → buildings, machines, tools and equipment

   True        False

3. economy → careful management of producing, distributing and consuming wealth and resources

   True        False

4. production process → what we need to produce goods and services,
   natural, human and capital resources

   True        False

5. wages → amount paid to an individual for services provided

   True        False