Applied Sciences Unit 3 Economics Revision

To make decisions harder for people

To confuse people about their choices

To punish someone for making a bad choice

To encourage someone by offering a reward

Sunlight

Wind

Coal

Geothermal energy

Land, technology, finance, and marketing

Workers, machines, trade, and resources

Land, labor, capital, and entrepreneurship

Goods, services, imports, and exports

Export

Fairtrade

Import

Trade

It prevents them from making money.

It allows them to do everything at once.

It helps them become really skilled in one area.

It makes it harder for them to compete.

A system that allows countries to trade freely without rules

A method to ensure workers are paid fairly for their work

A way to sell products at the highest price possible

A type of trade that only involves goods, not services

Goods are physical objects, while services are actions provided to help others.

Goods are free, while services cost money.

Goods are only sold in stores, while services are only provided at home.

Goods are made by machines, while services are made by people.

To make sure no one can use renewable resources

To avoid running out of nonrenewable resources

To ensure they can use all resources as quickly as possible

To prevent all trade with other countries

By keeping all resources for itself and not trading

By selling valuable resources to other countries

By using all resources for tourism only

By ignoring the resources altogether

Trade only benefits the country that exports goods.

Trade allows countries to obtain resources they do not have.

Trade makes it impossible for businesses to grow.

Trade is only important for developed countries.