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5 Written questions

5 Matching questions

  1. productive resources
  2. traditional economy
  3. natural resources
  4. opportunity cost
  5. primary industry
  1. a the value of your next best alternative
  2. b based on customs and traditions, people do what their ancestors did (generations)/Africa (tribal society)/India (caste system)/South American rural societies
  3. c minerals, water, trees and land
  4. d taking something from the earth - farming, fishing, mining and lumbering
  5. e what we need to produce goods and services,
    natural, human and capital resources

5 Multiple choice questions

  1. one who uses goods or services
  2. process materials - manufacturing
  3. transport and distribute goods and services - deal with communication - highways, telephones, airlines
  4. 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. skill, foresight, and determination it takes to start a business and produce a product

5 True/False questions

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


  2. scarcea job done for someone else


  3. wagesamount paid to an individual for services provided


  4. human resources/laborhuman effort and energy used in production


  5. economic systemcareful management of producing, distributing and consuming wealth and resources