5 Written Questions

1. Those who are the neediest get the resource
2. An amount at which a producer is willing to sell a product and a consumer is willing to buy it.
3. A decision that involves a trade-off for the producer
4. Countries that have few industries, simple technology, and cannot survive without the help from other countries.
5. Physical improvement resource (what goes into making a product better)

5 Matching Questions

1. Private Sector
2. Mixed Economy
3. Planned System
4. Brute Force
5. Economic Interdependence

1. a Often used by communist countries. The government controls prices and products.
2. b When countries have a strong economic tie with one another and depend on each other for resources, technology, trade, and investment
3. c The government may own some industries but others belong to private owners
4. d Provides a good or service that a person cannot use unless he/she pays for it.
5. e The strongest, quickest, smartest, and fastest get the resource

5 Multiple Choice Questions

1. A resource allocation method that distributes the resources the same way year after year.
   1. Capital
   2. Labor
   3. Tradition
   4. Scarcity
2. Little amounts of a good or service.
   1. Labor
   2. Scarcity
   3. Capital
   4. Queing
3. When money, goods, services, and people can move freely across national borders.
   1. Globalization
   2. Labor
   3. Tradition
   4. Capital
4. Countries that have many industries and advanced technology.
   1. Mixed Economy
   2. Brute Force
   3. Developed Countries
   4. Developing Countries
5. Producers can compete freely with one another to gain as many consumers they can. This is called capitalism.
   1. Mixed Economy
   2. Market System
   3. Free Market Economy
   4. Fair Market Price

5 True/False Questions

1. Public Sector → A good or service that is available to everyone even if the person cannot pay.

   True        False

2. Interdependent → When countries rely on one another for resources and depend on each other to get the things they want or need.

   True        False

3. Queing → People get the resource on a first come, first serve basis.

   True        False

4. Resource Allocation → Everyone has an equal chance of getting the resource but it is by luck whoever receives the resource

   True        False

5. Land → The environmental (natural) resources

   True        False