Topic 6: Economics Geography Study Guide

What is Economics?

• The study of how individuals and nations make choices about using scarce resources
• The process of importing and exporting goods
• The management of Government resources
• The study of business operations

Which term describes bringing products from one country to another?

• Export
• Import
• Tariff
• Trade

What is an export?

• A tax on international trade
• Bringing goods into a country
• Sending products to another country for trade
• Exchanging good locally

What is a nonrenewable resource?

• A resource that can be replenished in a relatively short period of time
• A resource that can be recycled
• A resource that is abundant
• A resource that cannot be replaced

Choose three examples of nonrenewable resources.

• coal
• aluminum
• oil
• soil
• trees

Choose three examples of renewable resources.

• soil
• trees
• solar energy
• coal
• aluminum

What is a renewable resource?

• A resource that can be replenished in a relatively short period of time
• A resource that can be recycled
• A resource that is abundant
• A resource that cannot be replaced

What does GDP (Gross Domestic Product) measure?

• International trade only
• Government trade only
• The value of all final goods and services produced in a country in one year
• The amount of imports in a country

Which term describes having unlimited wants but limited resources?

• Poverty
• Scarcity
• Shortage
• Deficit

Which term describes a long term increase in the general level of prices?

• Inflation
• Scarcity
• Shortage
• Deficit