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Q 1/41
Score 0
limited resources; exists all the time; not enough to meet all needs.
30
scarcity
Q 2/41
Score 0
What to produce? How to produce? For whom to produce?
30
Economic Questions
41 questions
Q.
limited resources; exists all the time; not enough to meet all needs.
1
30 sec
Q.
What to produce? How to produce? For whom to produce?
2
30 sec
Q.
a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100)
3
30 sec
Q.
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
4
30 sec
Q.
Economic decisions are made by individuals or the open market.
5
30 sec
Q.
An economic system in which the government controls a country's economy.
6
30 sec
Q.
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
7
30 sec
Q.
The sum total of the value of all the goods and services produced in a nation
8
30 sec
Q.
people who own and operate businesses and accept the risk of failure.
9
30 sec
Q.
country focuses on producing a relatively small number of goods/services based on what can be produced most efficiently
10
30 sec
Q.
Buildings, machines, technology, and tools needed to produce goods and services.
11
30 sec
Q.
the skills and knowledge gained by a worker through education and experience
12
30 sec
Q.
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
13
30 sec
Q.
Land, labor, and capital; the three groups of resources that are used to make all goods and services
14
30 sec
Q.
The percentage of a country's people who can read and write.
15
30 sec
Q.
native to a country, not foreign;
16
30 sec
Q.
A tax on imported goods
17
30 sec
Q.
an official ban on trade or other commercial activity with a particular country.
18
30 sec
Q.
A limit placed on the quantities of a product that can be imported
19
30 sec
Q.
The measure of how much one currency is worth in relation to another.
20
30 sec
Q.
economic system was used by the Aborigines
21
30 sec
Q.
Mixed leaning towards market
22
30 sec
Q.
Individuals make most decisions about production of goods, supply and demand determines prices for goods, Individuals make decisions about distribution of goods, Individuals own property.
23
30 sec
Q.
Government makes decisions about production, owns property, sets prices, and controls industries.
24
30 sec
Q.
A measurement of the total goods and services produced within a country each year.
25
30 sec
Q.
Type of resource Australia's Gross Domestic Product depends on most.
26
30 sec
Q.
a person and the skills and knowledge he or she brings to a job
27
30 sec
Q.
The tools, equipment, and buildings that are used to produce goods and services
28
30 sec
Q.
the process of starting, organizing, managing, and assuming the responsibility for a business
29
30 sec
Q.
Entrepreneurs support a country's economic growth by providing these for their citizens.
30
30 sec
Q.
Countries who invest in capital resource will have this impact on their GDP.
31
30 sec
Q.
when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
32
30 sec
Q.
Australia is leading exporter of this natural resource
33
30 sec
Q.
Industry Australia specializes in
34
30 sec
Q.
China, New Zealand, United States, Japan
35
30 sec
Q.
Exchange of goods without restrictions
36
30 sec
Q.
A tax on imported goods
37
30 sec
Q.
A limit placed on the quantities of a product that can be imported
38
30 sec
Q.
Reason why countries impose tariffs and quotas
39
30 sec
Q.
Name of Australia's currency
40
30 sec
Q.
system that converts from one currency to another so that goods can be bought and sold between countries with different economies