Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Remove Ads
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards




share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

GSE WS6 CH.3 Review

GSE WS6 Chapter 3 Review

QuestionAnswer
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: jpkelley