TEST! TEST! TEST Friday, March 21

Greetings,

We will be taking a test tomorrow, Friday, March 21.  The test will be over economic terms; we have been discussing econ terms and working with those terms for two weeks, and read a section on Economy in our book earlier this year.  A good review would be to read/re-read pages 56 and 57 in the text book.

The test will be a fill-in-the-blank test with a word bank.

So, have your child study.  Another good option would be to go to Quizlet, and look for MrsCWood.  I have a quizlet for Economics, Core Democratic Values, and Chapter 3. Below is the link for Quizlet:

http://quizlet.com/38049986/economic-terms-flash-cards/




Thanks,
Cathy

Economics 

1. The first level of economic activity uses natural resources and raw materials to produce goods; this is known as a _____________________ industry.

2. Natural resources and raw materials are manufactured into other products at the _____________________ level of industry.

3. Research and distribution of information based on products happens at the __________________________ level of industry.

4. Goods and services are exchanged at the ___________________ level of industry.

5. Teachers, nurses, and truck drivers provide a ______________________.

6. A _______________ is a thing that is produced; it has a “physical presence”, and can be used.

7. ____________________________________ is what you experience when you have to choose between two items and pick one item over the other item.

8. Water, trees, plants, oil, and coal are ____________________________.

9. ______________________________ are the workers in a factory, store, or school.

10. Goods that the USA sells to other countries are _________________.

11. Goods that the USA buys from other countries are ________________.

12. When there is a limited, non-renewable amount of a resource, we think of it as _________________________________.

13. If video game prices are low, the ________________ for the games will be high.

14. The amount of goods or services that a producer is willing to provide is the _____________________________ of that good or service.

15. If a store sells out of a popular game, but can order more, they are experiencing a ____________________________, not a scarcity.

16. The __________ includes the values of a country’s goods and services produced by factories in the country and factories located in foreign countries but owned by citizens of the country.

17. Communist countries like North Korea and Cuba have a _______________________ economy; the government has complete control of the economic system in the country.

18. Factors of production are controlled by people rather than the government in a __________________________ economy.

19. Most one-crop economies are found in ____________________regions.

20. In a free enterprise system, goods are sold in a _________________ economy.

Word Bank

 command       demand       exports     free enterprise     good    GNP  GDP  

human resources     imports     market        natural resources 

opportunity cost      primary      quaternary   scarce     secondary   service  

shortage     supply   tertiary   tropical