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Which of the following characteristics does NOT describe a developing nation: Strong infrastructure. The three main characteristics of this economic systems are private property, profit motive and a free, competitive marketplace: Market. Which of the following does NOT reflect a country's level of economic development: Economic system. Inadequate housing, poor health care, and political instability are all characteristics of which level of economic development: . Which of the following is NOT a factor of production: Economic resources. True or False: When a country has an unfavorable balance of trade it must use future income to pay for current and past spending: True. Because they have an abundance of oil, Saudi Arabia has a _______ in oil production: Absolute advantage. Going to college and giving up the opportunity to earn money at a job right now is an example of which economic principle: Opportunity Cost. A country deciding whether to produce its own food or import agricultural products is an example of which economic principle: Scarcity. True or False: Economics is all about money: True. The market sets price using which economic principle: Supply & Demand. In this type of economic system, the government regulates the amount, distribution and price of everything produced: Command. This metric of economic progress is important because no money means no purchases and a strong economy relies on a constant flow of money: Unemployment Rate. Target running out of a popular video game during the holiday season is an example of which economic principle: Shortage. Which of the following does NOT influence a country's balance of trade: Natural resources. Which of the following would be the best example of forming an economic community between countries: . Norway's exports in 2019 were $185.101 billion, and imports were $158.037 billion. Which of the following best describes their balance of trade: Trade surplus of $27.064 billion

If each worker in a business produces more than last year but fewer workers are employed then _____ has increased but total output might be the same: productivity. Each of the following are possible ways to increase efficiency except____: using more resources. Just in time inventory management is a good example of ____ production : lean. Lean production means: creating less waste. One possible advantage of flow production over batch production is that _____ production of a standard product will increase efficency: continuous. Flow production is always better than job production: False. Job production means that each worker only makes one product: False. Batch production can lead to higher inventory levels compared with flow production : True. Job production allows for many variations in the design of products: True. Automated robots are an example of using technology in production: True. Increased production levels could be achieved by increasing productivity: True

The process of converting inputs such as land, labour and capital into saleable goods. : Production. The production of goods and services with the minimum waste resources. : Lean Production. What are the 3 methods of Production: Flow. Identify the Type of Production: Make a limited number of one identical product then stop, reorganise and make a batch of something else: Batch. Identify the Type of Production:Used for individual, unique products and usually made one at a time. : Job. Identify the Type of Production:Producing as many as possible of an identical product : Flow. Identify the method of production being described: The method of production that is usually highly automated and capital intensive due to the use of machinery. : Flow