Economics Voc 2010
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| scarcity | inadequate supply of resources - not enough
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| goods | items or things that we use that someone else produces
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| services | a job done for someone else
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| economy | management of producing, distributing and consuming wealth and resources
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| natural resources | found occurring in nature
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| market | where goods are sold or traded
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| capital resources | goods like computers, machines, tractors, etc. used to make other products or provide a service
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| wages | the amount of money or salary that is paid to an individual
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| consumer | one who uses goods and services (like us)
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| labor resource | people who work
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| mental labor resource | person that uses mind over strength
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| physical labor resource | person that uses strength or physically works on their job
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| economic system | system of organizing wealth and resources
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| traditional economy | decisions are made on the past or customs
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| command economy | decisions are made by the government
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| market economy | decisions are made by the citizens
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| productive resources | natural resources, labor (physical or mental) resources and capital resources
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| renewable resources | can be replenished through nature
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| non-renewable resource | cannot be replenished by nature
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| market economy's other names | capitalism, laissez-faire, free market system
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| If someone faces "scarcity" what does that mean? | not having enough of something
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| Which of the following would be a capital resource: machines, cat, cookie, teacher | machines
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| In a free market, will prices ever change and why? | yes, prices will always change because of the supply and demand of the consumers
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| What are the three basic economic questions? | For whom to produce? How to produce? What to produce?
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| Name the three productive resources. | labor, capital and natural
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| All of the following are services EXCEPT: teacher, plumber, bag of Halloween candy, doctor | bag of Hallowwen candy
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| Which economic system is found in Africa? | traditional
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| Which economic system is able to change prices because of demands? | market
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| Which economic system is the government in power? | command
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| Which economic system is based on supply and demand? | market
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| Which economic system has a gap between the rich and the poor? | market
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| Which economic system does not have much diversity because of the customs? | traditional
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| true or false: every country needs an ecomonic system | true
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| true or false: resources are scarce | true
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| true or false: resources are not evenly distributed | true
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| true or false: a teacher is a mental resource | true
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| A basketball player is what type of resource? | physical
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| A computer is what type of resource? | capital
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| What is it called when two or more economies merge together? | mixed economy
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| Which economy promotes quality products? | market
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| Which economy does not have any incentive to make quality products? | command
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| Which economy allows people to celebrate Thanksgiving? | market
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| True or False: Resources are plentiful | false
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| Resources are scarce and not evenly distributed | true
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| True or False: A dog is a consumer | false
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| True or False: A teacher is a consumer | true
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| True or False: Gasoline is durable | false
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| True or False: A skatedboard is non-durable | false
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| True or False: A t-shirt is durable | true
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| True or False: Kleenex is durable | false
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| True or False: A bus ticket is non-durable | true
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| True or False: Ms. Sarria's ceramic coffee cup is non-durable | false
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| What type of resource is a tree? | renewable
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| What type of resource is a rabbit? | renewable
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| What type of resource is a jet fighter plane? | capital
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| What type of resource is a cell phone? | capital
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| Which is non-renewable? cotton or coal | coal
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| Which is non-renewable? diamonds or water | diamonds
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| Which is durable? eraser or shoes | shoes
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| Which is durable? jet ski or peanuts | jet ski
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| Which sector of industry deals with raw materials? | primary
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| Which level of industry does research? | quaternary
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| Which level of industry might clean fish to package? | secondary
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| Which section of industry would look to make products improved? | quaternary
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| Which section of indusrty would harvest wheat? | primary
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| Which level of industry would sell cars at a dealershop? | tertiary
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| Which sector of industry would come up with ideas for a "smart" car? | quaternary
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| Which industry section would have skilled researchers? | quaternary
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| Which section of industry takes natural resources and turns them into products? | secondary
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| Which sector of industry would transport gasoline to a station to sell? | tertiary
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