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GSE WS6 CH.3 Review
GSE WS6 Chapter 3 Review
| Question | Answer |
|---|---|
| Which of the following BEST describes the difference between needs and wants? | Wants are things that you really want to have. Needs are things that you need to have. |
| What are goods? | things that you can touch |
| What are services? | work that people perform |
| Which of the following BEST describes the difference between a consumer and a producer? | A consumer is a person who buys a good or service, while a producer is a person that makes goods or services. |
| Look at the list below: Farm land Trees Cotton Solar power The list above includes examples of which factor of production? | natural resources |
| Look at the list below: Paper Pencils Computer Hammer and nails The list above includes examples of which factor of growth? | capital goods |
| What is the difference between renewable and nonrenewable resources? | Renewable resources can be replaced over time, while nonrenewable resources will not be replaced by nature. |
| Which of the following BEST describes human capital? | value of a person’s skills and education |
| Which of the following BEST describes entrepreneurship? | person who starts their own business |
| Why is it important to countries to invest in the factors of production? | Investing in the factors of production allows countries to grow their economies. |
| What is scarcity? | there is a high demand, but limited supply |
| What is an opportunity cost? | when a person makes a decision, it is the value of the next best alternative |
| What is supply? | amount of a good for sale |
| What is demand? | amount of a good that people are willing to buy |
| Why do producers sometimes make a small amount of a good? | a smaller amount of their good will increase the price |
| In a traditional economy, how are the three economic questions answered? | traditions, beliefs, and habits |
| In a market economy, how are the three economic questions answered? | supply and demand |
| Read the information in the box. In the 1970s, the government of the Soviet Union was heavily involved with the economy. One result of this was there were constant shortages of products. What kind of economy did the Soviet Union have? | command |
| What is the gross domestic product? | total value of all goods and services produced in one country in one year |
| What is inflation? | continual increase in the price of goods and services |
| Which correctly defines tariff? | A tax on imported goods/ Increases the price of a good for consumers |
| Which correctly defines standard? | Rules that are set concerning imports and goods/ The imports available to consumers are high quality |
| Why do countries need exchange rates? | So they are able to trade with other countries. |
| Constructed Response: Write a short paragraph answering the following question:Why do countries today have mixed economies? | Student Response requirements: Students should explain that countries have mixed economies because they have realized to be successful there must be elements of both market and command economies.Students should describe both market and command economies. |
| Constructed Response: Write a short paragraph answering the following question:Why do countries use trade barriers? Give three examples of trade barriers. | Student Response requirements:Students should explain that countries use trade barriers to protect businesses in their own countries. Students should describe: tariffs, quotas, embargoes, standards, and subsidies. |
Created by:
kiragodwin
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