WG-5 Economic Geography Exam
Questions and Answers 100% Pass
barter - ✔✔system in which one set of goods or services is exchanged for another
capital - ✔✔money, buildings, machines, technology, and tools needed to produce
goods and services.
Capitalism - ✔✔An economic system based on private property and free enterprise.
command economy - ✔✔An economic system in which the government controls a
country's economy.
Communism - ✔✔A theory or system of social organization based on the holding of all
property in common, actual ownership being ascribed to the community as a whole or
to the state.
competition - ✔✔A common demand by two or more organisms upon a limited supply
of a resource; for example, food, water, light, space, mates, nesting sites.
currency - ✔✔Coins and paper bills used as money
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, developed country - ✔✔a modern, industrialized country in which people are generally
better educated and healthier and live longer than people in developing countries do
developing country - ✔✔A country that has low industrial production and little modern
technology
Economics - ✔✔The study of how people seek to satisfy their needs and wants by
making choices among limited resources.
Market - ✔✔any arrangement that allows buyers and sellers to exchange things.
money economy - ✔✔an economic system based on money rather than barter
Socialism - ✔✔a political and economic theory of social organization that advocates that
the means of production, distribution, and exchange should be owned or regulated by
the community as a whole.
subsistence economy - ✔✔a type of economy in which human groups live off the land
with little or no surplus
balance of trade - ✔✔difference between how much a country imports and how much it
exports
Consumer - ✔✔A person who purchases goods and services for personal use
demand - ✔✔the desire to own something and the ability to pay for it
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Questions and Answers 100% Pass
barter - ✔✔system in which one set of goods or services is exchanged for another
capital - ✔✔money, buildings, machines, technology, and tools needed to produce
goods and services.
Capitalism - ✔✔An economic system based on private property and free enterprise.
command economy - ✔✔An economic system in which the government controls a
country's economy.
Communism - ✔✔A theory or system of social organization based on the holding of all
property in common, actual ownership being ascribed to the community as a whole or
to the state.
competition - ✔✔A common demand by two or more organisms upon a limited supply
of a resource; for example, food, water, light, space, mates, nesting sites.
currency - ✔✔Coins and paper bills used as money
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, developed country - ✔✔a modern, industrialized country in which people are generally
better educated and healthier and live longer than people in developing countries do
developing country - ✔✔A country that has low industrial production and little modern
technology
Economics - ✔✔The study of how people seek to satisfy their needs and wants by
making choices among limited resources.
Market - ✔✔any arrangement that allows buyers and sellers to exchange things.
money economy - ✔✔an economic system based on money rather than barter
Socialism - ✔✔a political and economic theory of social organization that advocates that
the means of production, distribution, and exchange should be owned or regulated by
the community as a whole.
subsistence economy - ✔✔a type of economy in which human groups live off the land
with little or no surplus
balance of trade - ✔✔difference between how much a country imports and how much it
exports
Consumer - ✔✔A person who purchases goods and services for personal use
demand - ✔✔the desire to own something and the ability to pay for it
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