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5 Written questions

5 Matching questions

  1. primary industry
  2. command economy
  3. consumer
  4. traditional economy
  5. goods
  1. a items made or grown (produced)
  2. b one who uses goods or services
  3. c taking something from the earth - farming, fishing, mining and lumbering
  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 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. a job done for someone else
  3. buildings, machines, tools and equipment
  4. services for producing or selling things - banking and retail
  5. careful management of producing, distributing and consuming wealth and resources

5 True/False questions

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

          

  2. production processwhat we need to produce goods and services,
    natural, human and capital resources

          

  3. opportunity costthe value of your next best alternative

          

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

          

  5. productive resourceswhat we need to produce goods and services,
    natural, human and capital resources

          

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