Australia's Economy Review
Quiz by Emily Scoggins
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41 questions
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- Q1limited resources; exists all the time; not enough to meet all needs.scarcity30s
- Q2What to produce? How to produce? For whom to produce?Economic Questions30s
- Q3a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)economic continuum30s
- Q4An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.mixed economy30s
- Q5Economic decisions are made by individuals or the open market.market economy30s
- Q6An economic system in which the government controls a country's economy.command economy30s
- Q7An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.traditional economy30s
- Q8The sum total of the value of all the goods and services produced in a nationGross Domestic Product30s
- Q9people who own and operate businesses and accept the risk of failure.entrepreneurs30s
- Q10country focuses on producing a relatively small number of goods/services based on what can be produced most efficientlySpecialization30s
- Q11Buildings, machines, technology, and tools needed to produce goods and services.capital goods30s
- Q12the skills and knowledge gained by a worker through education and experiencehuman capital30s
- Q13Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gainnatural resources30s
- Q14Land, labor, and capital; the three groups of resources that are used to make all goods and servicesfactors of production30s
- Q15The percentage of a country's people who can read and write.Literacy Rate30s