Question | Answer |
scarcity | inadequate supply of resources - not enough |
goods | items or things that we use that someone else produces |
services | a job done for someone else |
economy | management of producing, distributing and consuming wealth and resources |
natural resources | found occurring in nature |
market | where goods are sold or traded |
capital resources | goods like computers, machines, tractors, etc. used to make other products or provide a service |
wages | the amount of money or salary that is paid to an individual |
consumer | one who uses goods and services (like us) |
labor resource | people who work |
mental labor resource | person that uses mind over strength |
physical labor resource | person that uses strength or physically works on their job |
economic system | system of organizing wealth and resources |
traditional economy | decisions are made on the past or customs |
command economy | decisions are made by the government |
market economy | decisions are made by the citizens |
productive resources | natural resources, labor (physical or mental) resources and capital resources |
renewable resources | can be replenished through nature |
non-renewable resource | cannot be replenished by nature |
market economy's other names | capitalism, laissez-faire, free market system |
If someone faces "scarcity" what does that mean? | not having enough of something |
Which of the following would be a capital resource: machines, cat, cookie, teacher | machines |
In a free market, will prices ever change and why? | yes, prices will always change because of the supply and demand of the consumers |
What are the three basic economic questions? | For whom to produce? How to produce? What to produce? |
Name the three productive resources. | labor, capital and natural |
All of the following are services EXCEPT: teacher, plumber, bag of Halloween candy, doctor | bag of Hallowwen candy |
Which economic system is found in Africa? | traditional |
Which economic system is able to change prices because of demands? | market |
Which economic system is the government in power? | command |
Which economic system is based on supply and demand? | market |
Which economic system has a gap between the rich and the poor? | market |
Which economic system does not have much diversity because of the customs? | traditional |
true or false: every country needs an ecomonic system | true |
true or false: resources are scarce | true |
true or false: resources are not evenly distributed | true |
true or false: a teacher is a mental resource | true |
A basketball player is what type of resource? | physical |
A computer is what type of resource? | capital |
What is it called when two or more economies merge together? | mixed economy |
Which economy promotes quality products? | market |
Which economy does not have any incentive to make quality products? | command |
Which economy allows people to celebrate Thanksgiving? | market |
True or False: Resources are plentiful | false |
Resources are scarce and not evenly distributed | true |
True or False: A dog is a consumer | false |
True or False: A teacher is a consumer | true |
True or False: Gasoline is durable | false |
True or False: A skatedboard is non-durable | false |
True or False: A t-shirt is durable | true |
True or False: Kleenex is durable | false |
True or False: A bus ticket is non-durable | true |
True or False: Ms. Sarria's ceramic coffee cup is non-durable | false |
What type of resource is a tree? | renewable |
What type of resource is a rabbit? | renewable |
What type of resource is a jet fighter plane? | capital |
What type of resource is a cell phone? | capital |
Which is non-renewable? cotton or coal | coal |
Which is non-renewable? diamonds or water | diamonds |
Which is durable? eraser or shoes | shoes |
Which is durable? jet ski or peanuts | jet ski |
Which sector of industry deals with raw materials? | primary |
Which level of industry does research? | quaternary |
Which level of industry might clean fish to package? | secondary |
Which section of industry would look to make products improved? | quaternary |
Which section of indusrty would harvest wheat? | primary |
Which level of industry would sell cars at a dealershop? | tertiary |
Which sector of industry would come up with ideas for a "smart" car? | quaternary |
Which industry section would have skilled researchers? | quaternary |
Which section of industry takes natural resources and turns them into products? | secondary |
Which sector of industry would transport gasoline to a station to sell? | tertiary |