Economic Terms - week 1

Anything from nature that is valuable to humans is a:

• resource.

• natural resource.

• human resource.

• capital resource.

The number of people in a country and the skills workers have is:

• resource.

• natural resource.

• human resource.

• capital resource.

Goods used to produce other goods and services:

• resource.

• natural resource.

• human resource.

• capital resource.

A natural resource that can regenerate itself with proper management is a:

• renewable resource.

• nonrenewable resource.

• energy resource.

Fossil fuels are a:

• renewable resource.

• nonrenewable resource.

• energy resource.

People who can be trained in a short period of time are:

• skilled laborers.

• unskilled laborers.

When a resource is processed into something useful or manufactured into something it is a:

• primary economic activity.

• secondary economic activity.

• tertiary economic activity

The service sector of the economy is the:

• primary economic activity.

• secondary economic activity.

• tertiary economic activity

A country with a low standard of living is labeled:

• developing nation.

• developed nation.

Globalization is:

• a country / state that does not have an outlet to the ocean.

• integration of the national economy into an international economy through trade, foreign investment, and spread of technology.

• the process of replacing human power with machine power.