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5 Written questions

5 Matching questions

  1. production process
  2. scarce
  3. market economy/capitalism/free enterprise
  4. capital resources
  5. traditional economy
  1. a buildings, machines, tools and equipment
  2. b 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
  3. c natural resources + human resources + capital resources = goods and services
  4. d based on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies
  5. e there are not enough productive resources to provide all of the goods and services wanted by citizens

5 Multiple choice questions

  1. transport and distribute goods and services - deal with communication - highways, telephones, airlines
  2. amount paid to an individual for services provided
  3. there is no pure economy, each has some characteristic of another, economies can change/Russia/United States/China
  4. what we need to produce goods and services,
    natural, human and capital resources
  5. careful management of producing, distributing and consuming wealth and resources

5 True/False questions

  1. command economythere is no pure economy, each has some characteristic of another, economies can change/Russia/United States/China

          

  2. secondary industryprocess materials - manufacturing

          

  3. goodsitems made or grown (produced)

          

  4. producerone who grows agricultural products or manufactures goods

          

  5. quarternary industryservices for producing or selling things - banking and retail