The World's Economies

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

Which of the following is an example of a nonrenewable resource? A. water C. trees B. coal D. wind

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

NAFTA

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

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

IMF

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.

True or False: To obtain the things you want and need, you use both natural and human resources.

What is the currency of the European Union?

WTO

_________ is the service industry of the economy.

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

The three major categories of resources are:

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

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

A _____ is also referred to as capitalism.

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

_____________ includes activities that produce raw materials and basic goods.

Another country that buys the product from the exporting country.

____________ makes finished goods.

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

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

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

A country’s decision about what to produce determines its economic system.

What type of economic system does the United States have?

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

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

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

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

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