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5 Written questions

5 Matching questions

  1. consumer
  2. command economy
  3. scarce
  4. economic system
  5. economy
  1. a careful management of producing, distributing and consuming wealth and resources
  2. b one who uses goods or services
  3. c there are not enough productive resources to provide all of the goods and services wanted by citizens
  4. d how a country's economy is organized, determines what to produce, how to produce it and who to produce it for
  5. e government controls/owns businesses and property, government makes all economic decisions/North Korea/Cuba

5 Multiple choice questions

  1. 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
  2. items made or grown (produced)
  3. natural resources + human resources + capital resources = goods and services
  4. services for producing or selling things - banking and retail
  5. skill, foresight, and determination it takes to start a business and produce a product

5 True/False questions

  1. secondary industryprocess materials - manufacturing


  2. tertiary industrytaking something from the earth - farming, fishing, mining and lumbering


  3. wagesamount paid to an individual for services provided


  4. productive resourcesnatural resources + human resources + capital resources = goods and services


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


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