Specialtizationreview Games Question Preview (ID: 41690)
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4. Read the following two statements: 1. Nation A produces cars more efficiently than it can grow food crops. 2. Nation A produces cars and buys food from Nation B. What principle of economics is illustrated by these two statements?
a) Laws of Supply and Demand
b) Scarcity
c) The Factors of Production
d) Specialization
Goods and services produced in other countries and sold at home
a) Imports
b) Exports
c) Specialization
d) Globalization
A focus on developing only certain skills or producing only certain goods/services
a) Import
b) Exports
c) Specialization
d) Globalization
How much of something is available
a) demand
b) supply
c)
d)
The benefit you give up by choosing to do one thing instead of another
a) Opportunity cost
b) Profit
c) Scarcity
d) Producers
What is the act of using up of a resource?
a) scarcity
b) supply
c) consumption
d) services
The idea that resources are limited; we don't have an unlimited supply of what we want
a) Scarcity
b) demand
c) inflation
d) supply
What is a public business?
a) Anything owned by the government.
b) Owned and operated by a individual citizen.
c) A business only certain people can attend
d) Something that is free to enter
What is a private business?
a) Anything owned by the government.
b) Owned and operated by a individual citizen
c) A business only certain people can attend
d) Something that is free to enter.
10. How can specialization encourage trade between countries help consumers?
a) Specialization increases trade because countries can refuse to sell thing they are not good at making.
b) Specialization increases trade because countries can get what they need/want at the Highest cost.
c) Specialization decreases trade because countries can get what they need/want at the lowest cost.
d) Specialization increases trade because countries can get what they need/want at the lowest cost.
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