2. Hosted by Ms. Tabor’s Humanities Class

3. 100 200 400 Resources Trade GDP and Productivity 300 200 400 200 500 100

4. Row 1, Col 1 A good, service, or productive resource is _____ if there is not enough to satisfy all that people want. Scarce

5. 1,2 What is the difference between importing and exporting? Importing means buying goods from another country. Exporting means selling goods to another country.

6. 1,3 What does GDP stand for? Gross Domestic Product

7. 2,1 Name the three different types of productive resources. Human, Natural, Capital

8. 2,2 Name and define TWO different types of trade barriers. Tariff: a tax on imports Quota: a limit on the number of imports allowed Embargo: a law that prohibits all trade

9. 2,3 Define GDP. the value of all goods and services produced in an economy within a year

10. 3,1 Which of the following is NOT a capital resource? A. money B. a computer C.a secretary D. a warehouse C: a secretary is a HUMAN resource

11. 3,2 What is one possible disadvantage to increased globalization? Answers will vary.

12. 3,3 How do you compute the per capita GDP of a country? Total GDP divided by population

13. 4,1 What is the signal that lets you know that one resource is more scarce than another? Price – Scarce resources cost more than those that are less scarce, which is why a heart surgeon earns more money than a humanities teacher.

14. 4,2 When trade barriers are imposed, who benefits? (name all that apply) A.domestic producers B. domestic consumers C. domestic workers D. foreign workers E. foreign consumers F. foreign producers A and C

15. 4,3 Explain 2 reasons GDP data is not a perfect measure of a country’s wealth. A.doesn’t count all goods/services B.doesn’t indicate anything about how the wealth is distributed (since it’s an average) C. Not all wealth is $$$ (happiness is also wealth!)

16. 5,1 What do economists sometimes refer to as the fourth productive resource? Explain what it is. Entrepreneurship: the skill, foresight, and determination it takes to start a business and produce a product successfully

17. 5,2 When trade barriers are imposed, who loses? (name all that apply) A. domestic producers B. domestic consumers C. domestic workers D. foreign workers E. foreign consumers F. foreign producers B, D, F

18. 5,3 According to the World Bank, countries that have a per capita GDP of over ______ are considered “High-Income Countries.” $10,000 (in US dollars)