Human Geography Lesson 3: The World’s Economies

1. How can energy be both a want and a need?

2. Write the definition of opportunity cost. Then provide an example of this from your own life.

3. How are renewable and nonrenewable resources alike, and how are they different?

4. In which type of economic system does society decide what is produced?

5. Which sector of an economy produces raw materials?

6. In your own words, describe what gross domestic product is.

7. How is standard of living a sign of economic performance?

8. What is the difference between exporting and importing?

9. Why would a government want to limit the number of imports coming into a country?

10. How might globalization affect developing countries?