SS - Chapter 3 - Section 3 - Resources, Technology and World Trade

Question 1

natural resources

Answer 1

material made from the Earth that people use to meet their needs

Question 2

renewable resources

Answer 2

natural resources that can be replaced naturally or grown again

Question 3

Which energy sources are renewable?

Answer 3

sun, wind, water, forests

Question 4

What energy sources are nonrenewable?

Answer 4

minerals like iron ore and gold

oil, coal and other fossil fuels

Question 5

What are fossil fuels used for?

Answer 5

heat homes

run cars

generate electricity

Question 6

nonrenewable resources

Answer 6

natural resource such that cannot be replaced.

Question 7

economic system

Answer 7

system that sets rules for

what to make,

how to make it,

and who will get it

Question 8

What are the 4 types of economic systems?

Answer 8

traditional economy

command economy

market economy

mixed economy

Question 9

traditional economy

Answer 9

individuals decide what to make and how to make it

Question 10

command economy

Answer 10

The government decides price of products and the amount workers are paid.

Question 11

market economy

Answer 11

Businesses make what they think their customers want.

Consumers decide which goods and services to buy.

Question 12

mixed economy

Answer 12

a combination of 2 or more types of economies

Question 13

What type of economy do most nations have?

Answer 13

mixed economy

Question 14

What type of economy does the US have?

Answer 14

mainly a market economy with some government involvement

Question 15

developed country

Answer 15

country with an economy that has a mix of agriculture, manufacturing, and service industries.

Has a high standard of living.

Question 16

Name 3 developed countries

Answer 16

the United States, France and Japan

Question 17

developing country

Answer 17

country that has limited industry, lots of agriculture, low wages

Question 18

3 examples of developing countries

Answer 18

Sierra Leone, Cambodia and Guatemala

Question 19

newly industrialized country

Answer 19

country that is creating new manufactuing and business

Question 20

export

Answer 20

to sell goods or resources to other countries

Question 21

import

Answer 21

to buy resources or goods from other countries

Question 22

tarriff

Answer 22

tax added to the price of goods that are imported

Question 23

How do tarriffs help a nation’s economy?

Answer 23

makes imported goods more expensive

encourages people to buy less expensive items that are made in their own country.

Question 24

quota

Answer 24

number limit on how many items of a particular product can be imported from a certain nation

Question 25

free trade

Answer 25

removal of trade restrictions so that goods flow freely among countries

Question 26

interdependence

Answer 26

when countries rely on each other for ideas, goods, services and markets