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Economics 23-24

Quiz by Kathleen Finley

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27 questions
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  • Q1
    Exchange goods without involving money.
  • Q2
    People who work to produce goods and services
    human resource
  • Q3
    Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
    natural resource
  • Q4
    goods made, not to consumed, but to make other goods and services. Machines, and tools are capital goods as well as infrastructure.
    capital resource
  • Q5
    an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
    supply and demand
  • Q6
    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
  • Q7
    Economic decisions are made by individuals or the open market.
    market economy
  • Q8
    An economic system in which the government controls a country's economy.
    command economy
  • Q9
    An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
    mixed economy
  • Q10
    Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
    opportunity cost
  • Q11
    the buying and selling of goods
  • Q12
    A situation in which unlimited wants exceed the limited resources available to fulfill those wants
  • Q13
    Emperor of the kingdom of Mali in Africa. He made a famous pilgrimage to Mecca and established trade routes to the Middle East.
    Mansa Musa
  • Q14
    City on the Niger River in the modern country of Mali. It was founded by the Tuareg as a seasonal camp sometime after 1000. As part of the Mali empire, Timbuktu became a major major terminus of the trans-Saharan trade and a center of Islamic learning.
  • Q15
    Gold and salt made up trade and wealth in the African kingdoms because the Europeans wanted gold, and the Africans needed salt
    Gold-Salt Trade

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