Unit 6 Review: Economics

What is scarcity in economics?

• Unlimited goods and services

• Limited goods/services can't meet unlimited needs/wants

• Abundance of resources

• Excessive production

What is the primary money-making sector involved in?

• Selling goods

• Gathering raw materials

• Research and development

• Manufacturing

What does the secondary sector focus on?

• Gathering raw materials

• Selling goods

• Turning raw materials into something new

• Research and development

Which sector is usually located near customers in urban areas?

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

Which economy is characterized by limited government influence and private ownership?

• Socialist economy

• Traditional economy

• Capitalist economy

• Communist economy

Which country is an example of a capitalist economy?

• Cuba

• North Korea

• U.S.

• Venezuela

What is microfinancing?

• Large loans for businesses

• High-interest loans

• Small, low-interest loans to help start businesses

• Government grants

What is a cottage industry?

• Large-scale manufacturing

• Small-scale production at home

• Government-run factories

• High-tech industrial plants

What types of jobs are most common in Post-Industrial MDCs?

• Manufacturing

• Agricultural

• Hunting and Gathering

• Service Sector

What is the main focus of the tertiary sector?

• Gathering raw materials

• Manufacturing goods

• Selling goods or services

• Research and development