Factors of Economic Growth and Voluntary Trade

What must you do in order to purchase goods or services when visiting a country which uses a currency different from your own?

• Currency Exchange

• Import Currency

• Specialize

• Invest

When countries focus on making certain goods because they are cheaper and more efficient to make. Also known as "Do what you do best, and trade for the rest".

• Imports

• Exports

• Specialization

• Globalization

The United Kingdom has few natural resources. However, they do very well in manufacturing, banking, and technology services. They focus on these parts of their economy and trade for natural resources.

What economic term describes what the United Kingdom is doing?

• Trade Barriers

• Specialization

• Mixed Economy

• Entrepreneurship

Human capital is

• Tools and equipment people use

• The people who work

• Tools and people

• Things used to build stuff

Which is an example of investment in human capital?

• trucks
• factories
• education
• highways

Choose an example of human capital (you must pick 2 answers)

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The goods used in the production process such as factories, machinery and equipment

• Land

• Labor

• Resources

• Capital(physical)

Choose an example of capital (physical) (you must pick 2 answers)

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Canada sends university students abroad to study in other countries.

• human capital

• physical capital

The Japanese government spends millions of dollars each year on technology for its computer industry.

• human capital

• physical capital