Test Economic World

Question 1

economy

Answer 1

An order system for the production distribution and consumption of goods and services

Question 2

Natural Resources

Answer 2

A usable stock or supply, a resource from which benefit can be Gained

Question 3

Human Resources

Answer 3

The usable knowledge, skills and motivation that lie within a person

Question 4

Reason 1

Answer 4

Availability of NR

Question 5

Reason 2

Answer 5

Availability to process NR

Question 6

Reason 3

Answer 6

Availability of properly skilled humans

Question 7

Reason 4

Answer 7

Development of proper tech to maximize work

Question 8

Decision 1

Answer 8

what and how many goods should be produced

Question 9

Decision 2

Answer 9

How should they be produced

Question 10

Decision 3

Answer 10

Who gets the goods and services

Question 11

Traditional

Answer 11

Tradition and customs determine economic activity

Question 12

Markets

Answer 12

Individual and private groups make the decisions about economic activity

Question 13

Command

Answer 13

Government controls everything

Question 14

Mixed

Answer 14

Government regulates the free market

Question 15

1st level

Answer 15

Less economic development

Question 16

2nd level

Answer 16

Newly Industrialized

Question 17

3rd level

Answer 17

more developed countries