Share The World's Economies
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True or False: To obtain the things you want and need, you use both natural and human resources.
True. Resources are the supplies that are used to meet our needs and wants, and some types of these resources are natural and others are human.
A country’s decision about what to produce determines its economic system.
False. A countries economic system is based on how a society decides on the ownership and distribution of its economic resources.
One disadvantage of trade is that it can sometimes create unemployment.
True. Jobs might be lost because of importing certain goods and services.
Which of the following is an example of a nonrenewable resource?
A. water C. trees
B. coal D. wind
B. coal
Which of the following are all factors of production?
A. land, labor, and gross domestic product
B. labor, service industries, and capital
C. land, labor, and capital
D. capital, service industries, and labor
C. land, labor, and capital
Which of the following is an example of a job in the primary sector, which
produces raw materials and basic goods?
A. auto mechanic C. farmer
B. physician D. banker
C. farmer
In economics, what is meant by the term productivity?
A. a measure of what is produced and what is required to produce it
B. the level at which a person, group, or nation lives
C. the percentage of the labor force that is employed
A. a measure of what is produced and what is required to produce it
In which type of economic system are resources distributed mainly through families?
traditional economy
A _____ is also referred to as capitalism.
market economy
In which type of economy are the production and distribution of resources controlled by the government?
command economy
What type of economic system does the United States have?
mixed economy
A nation's standard of living is determined by the ability to meet people's needs for food, shelter, clothing, education, and _____.
health care
_____ are people who start a new business or bring a product to market.
Entrepreneurs
Which term refers to a group of countries that trade with each other with few quotas or tariffs?
free trade
What is the currency of the European Union?
the euro
_______ is the total value of all goods and services produced in a country during a single year.
gross domestic product (GDP)
