Question

Identify which type of resource.(3 points)
Natural Resource Human Resource Capital Resource
Land



Education



Trees



A building



Labor



Computer/Register

Answer 1

(1 point)
The opportunity cost of going to the movies on Friday night instead of the football game is

Answer 2

A
is one in which there is little or no government intervention. A
is one in which the government makes all of the decisions about production and resources.

Answer 3

imports

trade deficit

exports

subsidy

trade surplus

tariff

#: A tax on imports

# Goods and services that foreign countries buy from your country

# When a country exports more than it imports

# Goods and services that are bought from foreign countries

#: A government bonus to an industry to help it compete against foreign imports

#: When a country imports more than it exports

Answer 4

Here's the identification of each resource type:

1. **Land** - Natural Resource
2. **Education** - Human Resource
3. **Trees** - Natural Resource
4. **A building** - Capital Resource
5. **Labor** - Human Resource
6. **Computer/Register** - Capital Resource

Answer 5

The opportunity cost of going to the movies on Friday night instead of the football game is the value of the enjoyment, experience, or benefits you would have gained from attending the football game. This can include factors such as the experience with friends, the excitement of the game, any potential rewards from being part of that event, and any associated costs that you would have incurred. Essentially, it is what you forego by choosing one option over the other.

Answer 6

A **market economy** is one in which there is little or no government intervention. A **command economy** (or planned economy) is one in which the government makes all of the decisions about production and resources.

Answer 7

Here are the definitions matched with the terms:

1. **Tariff**: A tax on imports
2. **Exports**: Goods and services that foreign countries buy from your country
3. **Trade surplus**: When a country exports more than it imports
4. **Imports**: Goods and services that are bought from foreign countries
5. **Subsidy**: A government bonus to an industry to help it compete against foreign imports
6. **Trade deficit**: When a country imports more than it exports