Economics & Geography Review

What unit is used to measure lines of longitude or latitude?

What is given up, or lost when a decision is made.

The study of how people produce, buy and sell the goods and services they need or want.

Goods that are used in producing other goods, rather than being bought by consumers.

What are you going to do to review for your test?

Economic System in which individuals have some economic freedom & government has some control.

Economic system in which traditions, customs, and beliefs shape the goods and services produced

Focuses the production of a limited scope of goods or services in order to be more efficient.

_____ refers to the way people, products, information and ideas move from one place to another.

"Ancient Egyptians built irrigation ditches to help water the crops." - is an example of what?

Economic system in which traditions, customs, and beliefs shape the goods and services produced

A human activity that provides the goods or services in an economy.

The application of information in the design, production and utilization of goods and services.

Income received from an economic action, minus the cost of taking the action.

Economic system in which traditions, customs, and beliefs shape the goods and services produced

An economic measure of output per unit of input.

When supply increases the demand ___________

Wealth in the form of money or other assets owned by a person or organization.

Lines on a map that run from North to South are called:

___________ is an area that is defined by everything in it

An individual who runs a small business & assumes all the risk or reward of a business venture.

Sydney Australia: Latitude: 33° S Longitude: 151° E - Is an example of what?

The talents and skills of people that contribute to the production of goods and services.

"McNabb Middle School is near the Clay Community Center" - Is an example of what?

The United States relies on other countries in order to have oil. What is this an example of?

A factory's machine is an example of a:

Not enough resources to produce all the goods and services that people desire.

Depending on one another for goods and services that are not produced for themselves.

Raw materials found in nature that can be used to produce goods and services.