Economic Exam review 2020

Economy is...

• make (something needed or wanted) available to someone; provide
• the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
• arrange for (a room, seat, ticket, etc.) to be kept for the use of a particular person and not given to anyone else.
• Hallo

Tags

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.8.4

CCSS.RL.9-10.4

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

Supply and demand of goods and services determines the price in which economic system?

• Traditional Economy/Subsistence

• Market Economy/Free Enterprise

• Command Economy/Communist

• Mixed Economy/Socialist

Which of the following is a true statement about the economic development of nations?

• Resources and technology influence the economic development and quality of life in nations.

• Although important, the economic development of nations has little effect on the quality of life of its people.

• Modern technology is so widespread today that most people around the world have an acceptable quality of life.

• All but a few countries are developed

  nations today.

These countries typically have simple, agriculture-based economies

• Developed countries
• Developing countries

Where does primary economic activity happen?

• where people are located

• near the resource

• in research facilities

• urban areas

Scarcity is...

• measuring a small distance from end to end.
• the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• (especially of food, money, or some other resource) insufficient for the demand.
• make (something) on a large scale using machinery.

World Wide exchange of goods and ideas.

• Globalization

• Urbanization

• Cultural Divergence

• World Geography

To change from private ownership to government ownership

• Nationalize
• Privatize

3 types of tertiary jobs

• banker,teachers,doctor

• doctor,teacher,steel making

• fishing,hunting,astronaut