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Flashcards in Test Economic World Deck (17)
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1
Q

economy

A

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

2
Q

Natural Resources

A

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

3
Q

Human Resources

A

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

4
Q

Reason 1

A

Availability of NR

5
Q

Reason 2

A

Availability to process NR

6
Q

Reason 3

A

Availability of properly skilled humans

7
Q

Reason 4

A

Development of proper tech to maximize work

8
Q

Decision 1

A

what and how many goods should be produced

9
Q

Decision 2

A

How should they be produced

10
Q

Decision 3

A

Who gets the goods and services

11
Q

Traditional

A

Tradition and customs determine economic activity

12
Q

Markets

A

Individual and private groups make the decisions about economic activity

13
Q

Command

A

Government controls everything

14
Q

Mixed

A

Government regulates the free market

15
Q

1st level

A

Less economic development

16
Q

2nd level

A

Newly Industrialized

17
Q

3rd level

A

more developed countries