Economics Review Challenge

A caravan traveling through the Sahara Desert in Africa has begun to run low on water. In this scenario, water would be described as:

• Scarce

• Traditional

• Capital

• Plentiful

A new country's leadership is discussing how they want to use their country's resources and develop their economy. The topic the leadership is discussing is:

• Economic System

• Government

• Religion

• Customs

The Inuit People in North Canada pass down their methods (i.e. for fishing), traditions and beliefs to their children. They do not use a paper currency for trade. They Inuit People have a:

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Hunter Gatherers in the Stone Age serve as an example of being:

• extravagant

• subsistent

• flamboyant

• arrogant

Brett does not have a scooter, but Sam does. Brett offers trade his skate board for Sam's scooter. This is an example of:

• Bartering

• Currency Exchange

• Market Economy

• Traditional Economy

Xi's government told him what job he can have and how much his employer can pay him. His country's economy is likely a

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

When a government instructs businesses how much they must pay employees, this is an example of:

• wage control

• customs and beliefs

• supply and demand

• Pay and benefits

An item created by a human resources at a company using capital goods, human capital, and raw materials is a:

• product

• natural resource

• employee

• market

When a human resource has a specific number of a product they must create during their work shift, this is an example of:

• Production Quota

• Trade Quota

• Market Quota

• Human Quota

Steve set up a workshop in his garage to create a new computation device that would revolutionize the modern workplace. Steve is an example of a:

• Entrepreneurship

• Human Capital

• Capital Good

• Government Leader