Unit 3 Key Term Quiz!!!

1

• Unit 3 Key Term Quiz!!!

• The process of bringing water to dry land.
• irrigation

2
Unit 3 Key Term Quiz!!!

• Organization of Petroleum Exporting Countries
  made up of some of the major oil producing
  countries in the world formed in 1960 to
  determine the price and amount of oil produced
  each year.
• OPEC

3
Unit 3 Key Term Quiz!!!

• A region that is dry, receiving very little
  rainfalllittle vegetation is able to grow.
• Arid (climate)

4
Unit 3 Key Term Quiz!!!

• An economic system in which the government
  controls how things are produced, what to
  produce, for whom to produce, and the price at
  which the products will be sold.
• Command economy

5
Unit 3 Key Term Quiz!!!

• When a country or company focuses on producing a
  certain type of good or service.
• specialization

6
Unit 3 Key Term Quiz!!!

• Trading one form of money for another so
  international trade can take place.
• Currency exchange

7
Unit 3 Key Term Quiz!!!

• A person willing to take a risk by investing his
  or her own capital (land, labor, building, money)
  in an attempt to make a good or provide a
  service.
• entrepreneur

8
Unit 3 Key Term Quiz!!!

• The average number of people living in a given
  area (usually per square mile) in a specific
  country, state, or city.
• Population density

9
Unit 3 Key Term Quiz!!!

• All countries rely on others to provide what they
  can not produce themselves or have little of.
• Economic interdependence

10
Unit 3 Key Term Quiz!!!

• Individuals and businesses make economic
  decisions supply and demand normally determines
  prices. Also known as free enterprise.
• Market economy

11
Unit 3 Key Term Quiz!!!

• A maximum or minimum quantity on imports or
  exports shipped in or out of a countryoften part
  of a trade agreement.
• quota

12
Unit 3 Key Term Quiz!!!

• The total value of all goods and services
  produced in a country in a one year period.
• Gross Domestic Product (GDP)

13
Unit 3 Key Term Quiz!!!

• Social roles and culture determine how goods and
  services are produced, what prices and individual
  incomes are, and which consumers are allowed to
  buy certain goods.
• Traditional economy

14
Unit 3 Key Term Quiz!!!

• A tax on imported goods.
• tariff

15
Unit 3 Key Term Quiz!!!

• The percentage of the population age 15 and older
  who can read and write.
• Literacy rate

16
Unit 3 Key Term Quiz!!!

• The machines, buildings (factories), technology,
  and money used to make a good or provide a
  service.
• Capital resources

17
Unit 3 Key Term Quiz!!!

• Any combination of a market, command, or
  traditional economy.
• Mixed economy

18
Unit 3 Key Term Quiz!!!

• A refusal to trade with another country.
• embargo

19
Unit 3 Key Term Quiz!!!

• The people (labor/work) used to make a good or
  provide a service.
• Human resources

20
Unit 3 Key Term Quiz!!!

• Useful material found in or on the Earth, used to
  produce or make a good, or provide a service.
• Natural resources

21
Unit 3 Key Term Quiz!!!

• The range between two extremes
• continuum

22
Unit 3 Key Term Quiz!!!

• The study of how people use their resources to
  meet their needs
• economics

23
Unit 3 Key Term Quiz!!!

• The quality of life, often measured
  internationally by GDP per capita or net income
  per capita
• standard of living