Topic 6 Quiz "Economics"

Which type of economy has private ownership and these owners compete for what they produce or sell.

• Traditional

• Command

• Market

A limited resource to satisfy unlimited needs best defines which vocabulary word.

• Natural Resources

• Scarcity

• Export

• Import

Farming that only provides the basic needs of a family.

• Subsistence

• Standard of Living

• Commercial

In the United States, we have a ​ (a)   economy.

• mixed
• traditional
• command
• free market
• barter

Please select 2 Nonrenewable Resources below.

• 
• 
• 
• 

Please select 2 Renewable Resources from below.

• 
• 
• 
• 

Obtaining goods or services from an outside supplier is the definition of what vocabulary word listed below?

• Free Trade

• Export

• Outsourcing

Match the following types of economies

• North Korea

• traditional

• The US Economy

• mixed

• The US during the industrial revolution

• free market

• a tribal group in Africa

• command

The level at which a person, a group, or a country lives as measured by the extent to which it meets its needs.

• Traditional Economy

• Gross National Product

• Standard of Living

The idea that a country works to create a condition where all natural resources are available to meet the needs of society.

• sustainability

• subsistence

• outsourcing