Global Perspectives economics Vocabulary

1.

1 point

the total dollar value for all final goods, services and structures produced in a year with labor and property supplied by a countries residents

GNP

GDP

2.

1 point

what are goods brought from other countries for domestic use

3.

1 point

who own the factors of production in capitalism

private individuals

public people

the government

4.

1 point

a financial institution collects funds and invests them in financial assets

True

False

5.

1 point

a system combining characteristics of more than one type of economy

6.

1 point

a systm in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own best interest

Command economy

Market Economy

Mixed Economy

7.

1 point

The WTO stands for World Trade Orginization

True

False

8.

1 point

where do buyers and sellers find each other and create or exchange financial assets

financial istitution

free market system

Financial Market

all of the above

9.

1 point

what are the four factors of production not including technology

taxes

labor

capital

land

entrepreneur

resources

technology

public opinion

10.

1 point

Micro ecomomics that deals with small units such as individuals and firms

True

False

11.

1 point

what is a situation i which a single supplier makes up an entire industry

a game by miltion bradly

Monopoly

Monopolistic

12.

1 point

what is Karl Marx ideal governmentless society

13.

1 point

what is an industry dominated by a few supplyers

14.

1 point

who controls the factors of production in a command economy

private individuals

the government

public people

15.

1 point

what is rivalry among producers and sellers of similar goods and services to win more business

war

duel

rivalry

fight

competition

16.

1 point

NAFTA stands for north african free trade agreement

True

False

17.

1 point

Macro economics deals with small units such as individuals and firms

True

False

18.

1 point

what are preciously manufactured goods used to make other goods and services

money

capitalism

capital

resources

cash

19.

1 point

free market system is the same as capital

True

False

20.

1 point

what are goods sold to other countries

21.

1 point

what is the total dollar value of all goods and services produced in a nationan in a single year

GNP

GDP

22.

1 point

a command economic system the government controls many but not all the factors of production

23.

1 point

what is not being able to have all the foods and services one wants