← Economics Test
5 Written Questions
5 Matching Questions
- Private Sector
- Mixed Economy
- Planned System
- Brute Force
- Economic Interdependence
- a Often used by communist countries. The government controls prices and products.
- b When countries have a strong economic tie with one another and depend on each other for resources, technology, trade, and investment
- c The government may own some industries but others belong to private owners
- d Provides a good or service that a person cannot use unless he/she pays for it.
- e The strongest, quickest, smartest, and fastest get the resource
5 Multiple Choice Questions
- A resource allocation method that distributes the resources the same way year after year.
- Little amounts of a good or service.
- When money, goods, services, and people can move freely across national borders.
- Countries that have many industries and advanced technology.
- Producers can compete freely with one another to gain as many consumers they can. This is called capitalism.
5 True/False Questions
Public Sector → A good or service that is available to everyone even if the person cannot pay.
Interdependent → When countries rely on one another for resources and depend on each other to get the things they want or need.
Queing → People get the resource on a first come, first serve basis.
Resource Allocation → Everyone has an equal chance of getting the resource but it is by luck whoever receives the resource
Land → The environmental (natural) resources