Econonmic Basics Question Preview (ID: 48016)


Economic Terminology. TEACHERS: click here for quick copy question ID numbers.

What is extraction of raw materials called? Examples are mining, fishing and agriculture.
a) primary sector
b) secondary sector
c) market economy
d) command economy

What is concerned with producing finished goods, e.g. factories making toys, cars, food, and clothes?
a) secondary
b) tertiary
c) market economy
d) developing economy

What is concerned with offering intangible goods and services to consumers? This includes retail, tourism, banking, entertainment and I.T. services.
a) Tertiary sector
b) primary sector
c) GDP
d) Command economy

What is the total market value of all final goods and services produced annually in an economy?
a) GDP
b) primary sector
c) secondary sector
d) tertiary sector

these make the decision of what to produce, price, and allocate in a market economy.
a) people
b) government
c) GDP
d) dictator

These make the decision of what to produce, price, and allocate in a command economy.
a) government
b) people
c) president
d) GDP

This is characterized by private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions.
a) market economy
b) command economy
c) developing economy
d) mixed economy

This is characterized by government (or central) control ownership of the means of production, and with a central authority setting prices of goods and services and for most allocation decisions.
a) command economy
b) market economy
c) developing economy
d) mixed economy

This is one which is not yet industrialized.
a) developing economy
b) command economy
c) market economy
d) mixed economy

What does GDP stand for?
a) Gross Domestic Product
b) Greedy Domestic Product
c) Great Domain Product
d) Guess Domain Product

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