_______________ is the conflict between unlimited desires and limited resources. In other words, there are not enough resources for everyone to have everything they need and want.

“The government has decided that we will only be allowed to purchase two new pairs of pants each year.” The previous statement was most likely made by a person living in a

Which of the following would be an example of a natural resource?

Which of the following would be an example of human capital?

Which of the following would be an example of physical capital?

Which of the following would be an example of an entrepreneur?

Which of the following is NOT a question an economic system use by people must answer?

In a ________________ economy, hunting, gathering, farming would be the main ways that most people would produce the goods they need to survive.

In a ________________ economy, the government will make ALL of the decisions about what should be produced. North Korea and the former Soviet Union are examples of countries that have/had this type of economic system.

In a ________________ economy the producers and consumers use the law of supply demand, WITHOUT ANY government rules or regulations, to determine what should be produced?

In a _________________ economy, supply demand may be used to determine what will be produced, but the government may create some laws for public safety. For example, the government might make it illegal to buy/sell marijuana.

The United Kingdom, Germany, Russia all have a _________________ economy, b/c the governments have some, but not total control, of their economies.

“I love having the freedom to open my own business. It may not be successful, but at least I can try to make myself wealthy.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.

“I live in a hut that I made from wood that my family gathered from the nearby forest. I spend most of my days fishing to have something to barter with in my small village and to feed my family.” This statement describes a ________ economy.

“Only government-approved foods will be sold from now on. All private property now belongs to the government.” The previous statement was most likely made by a person living in a country with a ___________________________ economy.

Which of the following would most likely be a result of free trade?

A(n) _______________ is when a government places a tax on imported goods being sold in their country.

A(n) _______________ is when a government places a limit on the amount of imported goods that can come into the country.

A(n) _______________ is when a government bans trade with a certain country. The United States has one of these in place against Cuba.

Why would country put a trade barrier, like a tariff, in place?

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