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Australia's Economy Review

Quiz by Emily Scoggins

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41 questions
Show answers
  • Q1
    limited resources; exists all the time; not enough to meet all needs.
  • Q2
    What to produce? How to produce? For whom to produce?
    Economic Questions
  • Q3
    a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
    economic continuum
  • Q4
    An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
    mixed economy
  • Q5
    Economic decisions are made by individuals or the open market.
    market economy
  • Q6
    An economic system in which the government controls a country's economy.
    command economy
  • Q7
    An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
    traditional economy
  • Q8
    The sum total of the value of all the goods and services produced in a nation
    Gross Domestic Product
  • Q9
    people who own and operate businesses and accept the risk of failure.
  • Q10
    country focuses on producing a relatively small number of goods/services based on what can be produced most efficiently
  • Q11
    Buildings, machines, technology, and tools needed to produce goods and services.
    capital goods
  • Q12
    the skills and knowledge gained by a worker through education and experience
    human capital
  • Q13
    Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
    natural resources
  • Q14
    Land, labor, and capital; the three groups of resources that are used to make all goods and services
    factors of production
  • Q15
    The percentage of a country's people who can read and write.
    Literacy Rate

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