economy test

Economy where the government owns some basic industries in the country and pass them out so that basic needs are met.

What is the exchange of goods and services between countries called

What are the benefits of a free enterprise economy?

What is the state of being dependant upon other countries (interdependence) caused by?

When the supply of crops decrease due to a natural disaster like a flood or fire what happens to the demand and price?

The picture below represents a rural area?

Which country's GDP would show it is more developed then the others?

The cows represent what type of productive resources?

The picture below represents an urban area.

The tractor in the picture represents what factor of production?

Scarcity forces us to

What term best represents the following: Free enterprise, Commiunist, Socialist?

The kids on SharkTank that invented the products were like what factor of production?

Which economy would have a higher standard of living for its citizens?

A shortage of entreprenuers would cause less ideas to create new businesses.

A hairstylist would be a labor/human resource in which industry?

What economy has a government that owns businesses and controls production, no personal creativity, one political party

What type of economy would most likely represent the USA?

What type of productive resource would this worker represent?

When two countries depend on each other to buy and sell goods. One country trading with another country.

When the store is out of a product and the shelves are empty they are experiencing what?

What productive resource would the chairs in this picture represent?

What economy has a govt. that allows a person to open their own businesses, set prices, and keep profits.

What is the organization of production of goods and services?