Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Economics Voc 2010
| 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 |
Created by:
jennifersarria
Popular Geography sets