WG - Unit 5 Quizs

Comparative Advantage

• The ability of a nation to produce and export goods and services with a lower opportunity cost than other nations.

• The ability of a nation to produce goods at a higher cost than other nations.

• The ability of a nation to produce goods and services without any trade restrictions.

• The ability of a nation to produce goods and services at the same cost as other nations.

Natural Substance

• Any material that naturally occurs in the earth.

• A synthetic material created in a laboratory.

• A type of mineral that is man-made.

• A chemical compound that does not exist in nature.

Natural Resource

• Any naturally occurring material that is used by humans.

• A synthetic product created for industrial use.

• A type of renewable energy source.

• A resource that is only found in urban areas.

Gov. Priorities: Indigenous Concerns

• Protecting the cultures and practices of original inhabitants while advancing economically.

• Eliminating all traditional practices to modernize society.

• Prioritizing economic growth over cultural preservation.

• Ignoring indigenous concerns in favor of urban development.

Renewable Resource

• A resource that cannot be replenished, such as fossil fuels.

• Any natural resource that can be replenished naturally with the passage of time.

• A resource that is only available in limited quantities.

• A resource that is man-made and cannot be found in nature.

Opportunity Cost

• The cost of producing one more unit of a good.

• The next, best alternative whenever a choice is made.

• The total cost of all alternatives foregone.

• The benefit received from the best alternative.

Gov. Priorities: Specialization

• Copper in Chile

• Wheat in Canada

• Tourism in France

• Technology in Silicon Valley

Supply

• The amount of a given resource.

• The total demand for a product.

• The price of a resource in the market.

• The quantity of goods produced by a company.

Interdependence

• The ability of a nation to produce all its own resources without trade.

• The need for nations to obtain resources that they cannot produce or cannot produce efficiently through trade with other nations.

• A situation where nations are completely self-sufficient and do not rely on others.

• The process of nations becoming more isolated and reducing trade with others.

Demand

• Reflection of public want for a resource.

• Amount of goods available in the market.

• Price at which goods are sold.

• Government regulation of resource allocation.