Reviewing Economics Part 1 | Baamboozle - Baamboozle

What TYPE of PRODUCTIVE RESOURCE refers to goods used to make other goods or to perform a service?

capital

Which CONTINENT is perhaps the LEAST economically developed of them all? (Antarctica does not count!)

Africa

Which economic indicator tells the average life span of men and women in a country?

Life expectancy

Which economic system features of combination of private property, government control and customs of the past?

mixed

What FRACTION of the world is considered to be DEVELOPED?

1/4

What TYPE of natural resource CANNOT be replenished quickly or easily?

Non-renewable

What does GDP stand for?

Gross Domestic Product

What TERM refers to items sent OUT of a country to be sold elsewhere?

exports

What TERM refers to the CITIES?

Urban

What TERM refers to the ability to read and write?

Literacy or Literacy Rate

What TYPE of natural resource is able to replenish itself quickly?

renewable

What TERM refers collectively to natural resources, capital resources, and labor resources?

Productive

What TERM refers to an amount paid to an individual for services provided?

wages

What TYPE of farming ONLY produces enough to feed the farmer's family?

Subsistence

What TYPE of agriculture produces a SURPLUS of goods that can be sold to make a profit?

Commercial

In which economic system are decisions made based on customs of the past?

Traditional Economy

In which economic system does the GOVERNMENT control all means of production?

Command Economy

What term refers to ANYONE who uses goods and services (like you and ME!)

consumer

What is another name for a MARKET ECONOMY?

Laissez-faire, Capitalism, Free Market, or Free Enterprise

What TERM refers to an inadequate supply of resources (not enough)?

scarcity