WorksheetsGeo Econ Review
Total questions: 25
Worksheet time: 28mins
How is world trade encouraged by the access of natural resources?
By reducing transportation costs
By increasing production efficiency
Uneven distribution of natural resources
By enhancing technological advancements
What are the 3 Sectors of economic activity?
Primary, Secondary, Tertiary
Agriculture, Industry, Services
Manufacturing, Services, Technology
Primary, Industrial, Quaternary
What is the Primary sector of economic activity?
Agriculture, forestry, and fishing
Manufacturing and construction
Information technology and services
Banking and finance
What is the Secondary Sector of economic activity?
Agriculture, forestry, and fishing
Manufacturing and construction
Information technology and services
Banking and finance
What is the Tertiary Sector of economic activity?
Agriculture, forestry, and fishing
Manufacturing and construction
Provides Services
Banking and finance
What are the traits of a Mixed Market Economy?
Private Ownership,
Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.
Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job
People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all
Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"
What are the traits of a Traditional Market Economy?
Private Ownership,
Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.
Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job
People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all
Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"
What are the traits of a Command Market Economy?
Private Ownership,
Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.
Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job
People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all
Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"
What are the traits of a Market Economy?
Private Ownership,
Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.
Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job
People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all
Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"
Which economic type offers the most freedom of business?
Market Economy
Mixed Market Economy
Command Economy
Which economic type offers the widest range of product availability to the consumer?
Command
Mixed Market
Market
Traditional
Which economic type would have the tightest government control?
Command
Traditional
Market
Mixed Market
Which economic type would typically use the barter (trade) system?
Traditional economy
Market economy
Command economy
Mixed economy
What is the idea of scarcity?
The act of being afraid
The inability to satisfy the unlimited wants and needs of people.
The excess of a product that hasn't been sold
The number of goods and services consumers want
Which of the following would likely have a lower standard of living?
New Developing
Lower Developed Country
Highly Developed Country
South Africa has many international trade agreements... Which of the following is an example of having trade agreements?
Trade Off
Globalization
Supply and Demand
Scarcity
Import means to...
Sell to other countries
buy from other countries
develop goods from scratch
use credit to purchase parts from other countries and assembly them into a finished product in the U.S.
Import means to...
Sell to other countries
buy from other countries
develop goods from scratch
use credit to purchase parts from other countries and assembly them into a finished product in the U.S.
When countries make trade deals and form alliances with each other this is most likely an example of which of the following?
3 Tertiary levels
Trade Off
Globalization
Demand and Supply
Which of the following is an export for Australia. Read the passage to help determine the answer.
Wheat
Motor Vehicles
gold
computers
Which of the following is an example of an Australian Import? Use the provided article to help you determine the answer.
Computers
wheat
wool
coal
NAFTA and then the USMCA is a free trade agreement between which of the following?
America, Canada, Mexico
America, Alaska, Mexico
America, U.S., Canada
Canada, Iceland, America
What was the NAFTA agreement changed to?
United States Marine Company Agreement
United States Mexico Canada Agreement
UMCA
UMAC
If OPEC increases production and demand stays the same what will happen to the price of oil?
Go Up
Go Down
Stays the Same
If OPEC decreases production and demand stays the same what will happen to the price of oil?
Go Up
Go Down
Stays the Same
