The World's Economy

To obtain the things you want and need, you use both natural and human resources.

• True

• False

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S2987651

Capital is all paid workers.

• True

• False

Which of the following is an example of a nonrenewable resource?

• water

• trees

• coal

• wind

In which type of economy is production privately owned?

• traditional economy

• command economy

• mixed economy

• market economy

In economics, what is meant by the term productivity?

• a measure of what is produced and what is required to produce it

• the level at which a person, group, or nation lives

• the percent of the labor force that is employed

• the total dollar value of all final goods and services produced in a year

GDP is used to measure

• taxes by the government

• growth of the economy overtime

• stocks and bonds

• types of jobs people have

Domestic means

• state of the economy

• government regulations over a country

• originating in one's own country

• governed by the people

How is the standard of living measured?

• It is measured by how well a person meets his or her needs.

• The total dollar value of all final goods and services.

• It is measured by calculating imports versus exports.

• In developing countries, most of the population lives in poverty.

One of the opportunity costs of driving cars is that

• fossil fuel is clean and inexpensive

• wind energy is an example of a nonrenewable resource

• Energy is something that we want and need.

• burning fossil fuel is effective but creates air pollution

Select the renewable resource.

• Coal

• Fossil Fuel

• Wind

• Natural Gas