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WorksheetsPOB2
Total questions: 18
Worksheet time: 10mins
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.
The opportunity cost is best defined as
The next best use alternative use of money, time, or resources when making a choice.
The list of alternatives that are available when making a choice.
The diagram representing the maximum number of goods that can be sold.
A simplified version of a complex concept or behavior.
What does migration mean?
refers to the culture of a people
refers to the religion of a people
refers to the movement of a people
refers to the politics of a people
What does urban mean?
country-side
voting rights
city
cultural differences
Producing only enough to meet the basic needs of the family is called?
Domestic Production
Subsistence Production
Surplus Production
Selling goods at your local market is which level of production?
Domestic Production
Export/Surplus Production
Subsistence Production
Production refers to the creation of goods and services.
True
False
Primary Production is _______?
When you offer a service
Involves the removal of raw materials from the earth
The making of products
The selling of goods or services
All of these are industries in the primary sector EXCEPT?
Agricultural Industry
Tourist Industry
Fishing Industry
Forestry Industry
The sector that involves manufacturing.
Primary
Secondary
Tertiary
Quaternary
What sector is the chef of a restaurant working in?
Primary
Secondary
Tertiary
Quaternary
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
Consideration is...
a set of mutual promises in which each party agrees to give up something to the benefit of the other.
The amount of time one has to accept an offer.
The 5 minutes following an offer that must elapse before an acceptance can take place.
The element of a contract that says the value of what each party is giving up must be equal.
After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?
Oral
Unenforceable
Valid
Written
