Unit 5 Economics Learning Check

Front

A sewing machine is an example of____?

Back

capital good

Front

A miner pans for gold. What is the gold an example of?

Back

a natural resource

Front

What is specialization?

Back

When a nation or individual concentrates its productive efforts on producing a limited variety of goods.

Front

Specialization __________________trade.

Back

encourages

Front

Which is the best example of specialization? A surf shop lowers the price on swimsuits. A dry cleaner spends extra time on grease spots. An assistant in a tailoring shop only replaces zippers. An online clothing outlet offers customized monograms.

Back

An assistant in a tailoring shop only replaces zippers.

Front

Countries benefit by specializing in the production of a limited number of goods. How does this situation encourage trade among countries?

Back

Since a country cannot produce all of its needs, it makes sense for it to specialize in what it can produce efficiently, then trade with another country that specializes in what it needs.

Front

Which country should participate in the production of corn?

Back

Country B

Front

The total value of goods and services produced by a country in a year.

Back

GDP

Front

Educating and training the citizens are examples of

Back

investing in human capital

Front

What would you expect of a country that invests heavily in factories, machinery and technology?

Back

the GDP to be high.