G9: Ch1 Econ 24-25

Why is a currency important to a country? Select 2.

• It gives identity to a country.

• It enables agencies to keep track of transactions.

• It reveals the condition of a country's economy.

• It provides labor force.

What's the importance of a country having a labor force? Select 2.

• It ensures the creation of products.

• It ensures that sports are properly monitored.

• It ensures the rendering of services.

• It ensures the security of people from calamities.

What does GDP stand for?

• Gross Domestic Purchases

• Gross Domestic Performance

• Gross Domestic Publicity

• Gross Domestic Product

What revolutionary historical event has brought families together into communities?

• Discovery of Hunting

• Discovery of Agriculture

• Discovery of Fire

• Discovery of Markets

What does the Greek word Oikonomia mean?

• Management of Farm

• Management of Self

• Management of Time

• Management of Household

What do you call something that you use to make something else that's useful?

• a thaang

• a resource

• an article

• a nothaang

Who is considered the "Father of Modern Economics"?

• Adam Sandler

• Adam Brody

• Adam Smith

• Adam Lambert

What system is a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices

• Free Trade

• Mercantilism

• Socialism

• Selling

What is scarcity? Select all that apply.

• a condition where there is lack of resources

• a condition where there is an abundance of resources

• a condition where people don't get all what they want

• a condition where there is shortage of things

Which of the following are considerd types of resources? Select all that apply.

• Economic

• Human

• Natural

• Man-made