The World's Economies | Baamboozle - Baamboozle | The Most Fun Classroom Games!

All of the following are advantages of forming economic unions EXCEPT: a. access to larger markets. b. value of money increases c. access to resources d. more efficient industries.

value of money increases.

True or False: Developing countries have high infant mortality rates, high birth rates, and low levels of education.

True

_________ is the service industry of the economy.

Tertiary Sector

____________ makes finished goods.

Secondary Sector

_____________ includes activities that produce raw materials and basic goods.

Primary Sector

Which of the following is not a developed country: Japan, Germany, Mexico, United States

Mexico

Money, buildings, machines, and tools are all considered what type of resource?

Capital

The three major categories of resources are:

Human, capital, and natural

True or False: Natural gas, petroleum, and coal are all considered fossil fuels.

True

IMF

International Monetary Fund

NAFTA

North American Free Trade Agreement

WTO

World Trade Organization

The level at which a person, a group, or a nation lives as measured by the extent to which it meets its needs.

standard of living

Another country that buys the product from the exporting country.

imports

A country sending to another country a product that it is able to produce.

export

_______ is the total value of all goods and services produced in a country during a single year.

gross domestic product (GDP)

What is the currency of the European Union?

the euro

Which term refers to a group of countries that trade with each other with few quotas or tariffs?

free trade

_____ are people who start a new business or bring a product to market.

Entrepreneurs

A nation's standard of living is determined by the ability to meet people's needs for food, shelter, clothing, education, and _____.

health care

What type of economic system does the United States have?

mixed economy

In which type of economy are the production and distribution of resources controlled by the government?

command economy

A _____ is also referred to as capitalism.

market economy

In which type of economic system are resources distributed mainly through families?

traditional economy

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

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

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 nonrenewable resource? A. water C. trees B. coal D. wind

B. coal

One disadvantage of trade is that it can sometimes create unemployment.

True. Jobs might be lost because of importing certain goods and services.

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.

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.