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WorksheetsEconomics Review
Total questions: 53
Worksheet time: 43mins
Resources that come from nature: water, soil, trees, coal, etc.
natural resources
scarcity
market
The act of trading goods and services you have for goods and services you want
boat
trade
goods
A good that is used to produce many other goods and services
capital resource
human resource
natural resource
a resource from nature that can be used to produce goods and services or to meet people's needs
capital resource
human resource
natural resource
the time, talents, and skills of a person who helps produce goods and services
capital resource
human resource
natural resource
Factories and tools could be considered an example of “capital”.
True
False
What is the name for the owner of the business who takes risks to hopefully earn profit.
Laborer
Entrepreneur
Broker
The term used for the combination of land, labor, and capital that is required to create something.
Economy
Labor
Factors of Production
This term is used to describe people doing work.
Economy
Labor
Factors of Production
Goods being shipped OUT of the country for manufacturing or sale.
Export
Import
Human Development Index is...
the average number of years a person is expected to live.
a tool for ranking countries based on their level of economic development.
how much humans develop over time.
Countries with advanced economies (blue) are known as _____________, while countries with lower standards of living (red) are known as _____________.
less developed nations;more developed nations
more developed nations;less developed nations
life expectancy rate;infant mortality rate
Gross Domestic Product is...
the total value of all goods and services produced by a nation in a year.
the value of goods and services produced in a year in a nation by a person.
a product that is domestically gross.
What kind of graph is this of?
Population Density
Life Expectancy
Infant Mortality Rate
Different shades of blue and white
What does a literacy rate show?
a percentage of people who can drive.
a percentage of people who can read and write.
a percentage of people who can speak English.
The process of creating an international network of trade, communication and culture.
globalization
recession
NAFTA
Multinatural cooperation
The exchange of goods and services by sale or barter driven by the need for resources.
Fair Trade
Globalization
Trade
Standard of Living
Sending goods to another country to sell.
import
export
Bringing goods in from another country to sell.
import
export
The development of a worldwide economy where resources flow fairly freely across borders.
Globalization
Economy
GDP
Economic Independence
When the government puts a tax on goods coming into a country, it is called
a tax, duh!
a tarif
a subsidy
a remittance
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
