← Economics Test
5 Written Questions
5 Matching Questions
- Developed Countries
- Economic Interdependence
- a Physical improvement resource (what goes into making a product better)
- b Risk taking resource (people who invest into the product in hopes of it being successful.
- c Countries that have many industries and advanced technology.
- d When countries have a strong economic tie with one another and depend on each other for resources, technology, trade, and investment
- e The environmental (natural) resources
5 Multiple Choice Questions
- Producers can compete freely with one another to gain as many consumers they can. This is called capitalism.
- People who buy and use products
- The government may own some industries but others belong to private owners
- The strongest, quickest, smartest, and fastest get the resource
- Countries that have few industries, simple technology, and cannot survive without the help from other countries.
5 True/False Questions
Free trade → When goods and services flow across country borders with little or no government involvement
Queing → People get the resource on a first come, first serve basis.
Random Selection → Everyone has an equal chance of getting the resource but it is by luck whoever receives the resource
Tradition → A resource allocation method that distributes the resources the same way year after year.
Resource Allocation → A way to distribute resources.