weekly quiz 20241205 economics 101

club of great powers in the ancient world mirrored

• cultural hearths

• trade routes

• modern states

• war

The first record of writing found in Mesopotamia was about what?

price is determined by

• the amount of resource available divided by how much people want / need the thing

• The desires of the producers

• The desires of the consumers

• magic

the idea that the demand for a good or service is higher than what is available

• scarcity

• iron

• abundance

• supply and demand

the things we give up or don’t do because we choose something else.

• opportunity costs

• absolute cost

• relative cost

• benefits

the four types of economic resources

• natural

• labor

• capital

• entrepreneurship

• Factory

How were Greek cities able to thrive despite a scarcity of agricultural production?

In the Bronze Age, two neighboring cultures, Culture A and Culture B, each produce two goods: pottery and metal tools. Culture A can produce 10 pottery or 5 metal tools in one day, while Culture B can produce 6 pottery or 6 metal tools in one day.

Which culture has a comparative advantage in producing pottery and why?

what 3 questions does a countries economic system answer?

• what will be produced

• how will production occur?

• who will consume

• Why to consume

• when to produce

Who owns the majority of mines in the DRC?

• The PRC

• Congo

• Switzerland

• Bermuda

• Sri lanka