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5 Written questions

5 Matching questions

  1. human resources/labor
  2. opportunity cost
  3. market economy/capitalism/free enterprise
  4. economy
  5. wages
  1. a amount paid to an individual for services provided
  2. b careful management of producing, distributing and consuming wealth and resources
  3. c human effort and energy used in production
  4. d the value of your next best alternative
  5. e 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

5 Multiple choice questions

  1. transport and distribute goods and services - deal with communication - highways, telephones, airlines
  2. what we need to produce goods and services,
    natural, human and capital resources
  3. one who uses goods or services
  4. skill, foresight, and determination it takes to start a business and produce a product
  5. how a country's economy is organized, determines what to produce, how to produce it and who to produce it for

5 True/False questions

  1. traditional economybased on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies

          

  2. quarternary industrytransport and distribute goods and services - deal with communication - highways, telephones, airlines

          

  3. production processnatural resources + human resources + capital resources = goods and services

          

  4. capital resourcesbuildings, machines, tools and equipment

          

  5. servicethere are not enough productive resources to provide all of the goods and services wanted by citizens