When there are not enough resources to meet people’s wants.

Gross Domestic Product (GDP)

Value of all goods and services produced within a country in a single year.

The amount of a good or service that businesses produce

Manufacturing Industry

Use natural resources or raw materials to make other products

A system of producing, selling, and buying goods and services.

Where businesses provide services rather than goods

Strong economies and a high quality of life; usually have high GDP

Is a system in which the central government makes all economic decisions.

Is a system based on private ownership, free trade, and competition.

People earn a living by providing raw materials or natural resources.

Where goods are sold to final consumers

Businesses that sell to other businesses

Define: Opportunity Cost

The value of what you give up in a tradeoff

Government goods and services that the public consumes

Is a system in which people grow their own food and make their own goods

Elements of traditional, command, and market economies.

Money an individual or business has left after paying expenses

The desire to have a good or service and the number of buyers

less productive economies, lower quality of life; usually have lower GDP

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World Geography: Module 5 Review

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Questions 24

Answers

1
Define Scarcity?
When there are not enough resources to meet people’s wants.
The value of what you give up in a tradeoff
A system of producing, selling, and buying goods and services.
Money an individual or business has left after paying expenses
2
Gross Domestic Product (GDP)
Strong economies and a high quality of life; usually have high GDP
As countries develop, fewer people work in primary industries.
less productive economies, lower quality of life; usually have lower GDP
Value of all goods and services produced within a country in a single year.
3
Factors of Production. Pick the answers the do not belong.
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Labor
Entrepreneurship
Capitol
Natural Resources
Politics
4
Define Supply:
The amount of a good or service that businesses produce
The desire to have a good or service and the number of buyers
Buy one, get one free sales are an example of this.
The desire to make a profit, or profit motive, is essential.
5
Manufacturing Industry
Government goods and services that the public consumes
Use natural resources or raw materials to make other products
Farming, fishing, and mining.
People earn a living by providing raw materials or natural resources.
6
What is an ecomomy?
Money an individual or business has left after paying expenses
A system of producing, selling, and buying goods and services.
The value of what you give up in a tradeoff
When there are not enough resources to meet people’s wants.
7
A contraction is a shrinking of a business?
False
True
8
Service Industry
Businesses that sell to other businesses
Farming, fishing, and mining.
Where goods are sold to final consumers
Where businesses provide services rather than goods
9
Developed Countries
less productive economies, lower quality of life; usually have lower GDP
Value of all goods and services produced within a country in a single year.
As countries develop, fewer people work in primary industries.
Strong economies and a high quality of life; usually have high GDP
10
Command Economy
Elements of traditional, command, and market economies.
Is a system in which people grow their own food and make their own goods
Is a system in which the central government makes all economic decisions.
Is a system based on private ownership, free trade, and competition.
11
An expansion is the growth of a business?
False
True
12
Market Economy
Is a system based on private ownership, free trade, and competition.
Elements of traditional, command, and market economies.
Is a system in which the central government makes all economic decisions.
Is a system in which people grow their own food and make their own goods
13
Primary Industry
Farming, fishing, and mining.
Use natural resources or raw materials to make other products
People earn a living by providing raw materials or natural resources.
Government goods and services that the public consumes
14
Retail Industry
Where businesses provide services rather than goods
Farming, fishing, and mining.
Businesses that sell to other businesses
Where goods are sold to final consumers
15
Wholesale Industry
Farming, fishing, and mining.
Where goods are sold to final consumers
Businesses that sell to other businesses
Where businesses provide services rather than goods
16
Define: Opportunity Cost
Money an individual or business has left after paying expenses
When there are not enough resources to meet people’s wants.
The value of what you give up in a tradeoff
A system of producing, selling, and buying goods and services.
17
Public Goods
Use natural resources or raw materials to make other products
Farming, fishing, and mining.
Government goods and services that the public consumes
People earn a living by providing raw materials or natural resources.
18
Agricultural Industry
People earn a living by providing raw materials or natural resources.
Farming, Ranching, Fishing
Government goods and services that the public consumes
Use natural resources or raw materials to make other products
19
Traditional Economy
Elements of traditional, command, and market economies.
Is a system in which the central government makes all economic decisions.
Is a system in which people grow their own food and make their own goods
Is a system based on private ownership, free trade, and competition.
20
Mixed Economy
Is a system based on private ownership, free trade, and competition.
Is a system in which the central government makes all economic decisions.
Is a system in which people grow their own food and make their own goods
Elements of traditional, command, and market economies.
21
US Capitalism is sometimes called....
Is a system in which people grow their own food and make their own goods
Elements of traditional, command, and market economies.
Free enterprise system
Is a system based on private ownership, free trade, and competition.
22
Define Profit
A system of producing, selling, and buying goods and services.
Money an individual or business has left after paying expenses
When there are not enough resources to meet people’s wants.
The value of what you give up in a tradeoff
23
Define Demand:
The desire to make a profit, or profit motive, is essential.
Buy one, get one free sales are an example of this.
The amount of a good or service that businesses produce
The desire to have a good or service and the number of buyers
24
Developing Countries
Value of all goods and services produced within a country in a single year.
Strong economies and a high quality of life; usually have high GDP
As countries develop, fewer people work in primary industries.
less productive economies, lower quality of life; usually have lower GDP

World Geography: Module 5 Review Flashcards | StudBud