Economics: Productive Resources

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What determines a nation's productive resources?

Natural resources and human capital

Capital goods and entrepreneurship

GDP per capita

All of a nation's productive resources (correct)

What is a key function of natural resources in a country's economy?

To export to other countries

To increase the country's GDP

To establish markets for key products (correct)

To provide labor for industries

Which country is rich in natural resources like copper, coal, and iron ore?

Southeast Asia

China

Japan (correct)

India

What is an example of a capital good?

Machinery Signup and view all the answers

What happens when a country invests in its capital goods?

GDP increases Signup and view all the answers

What is the result of investment in better machines and updated factories?

Production of goods and services increases Signup and view all the answers

What is the role of entrepreneurs in the economy?

They help the economy grow by opening new businesses and developing new products Signup and view all the answers

Why might an entrepreneur take a risk to start a business?

They want to invest their own money to start a business Signup and view all the answers

What hinders entrepreneurship in some countries?

Government imposing high expenses on businesses Signup and view all the answers

Which country has made it easy for entrepreneurs to set up businesses?

South Korea Signup and view all the answers

How long does it take, on average, to start a new business worldwide?

21 days Signup and view all the answers

How many days does it take to start a new business in Japan?

4 days Signup and view all the answers

What do productive resources include?

Materials and labor used to create goods and services Signup and view all the answers

What is the main role of natural resources in a country's economy?

To fuel industries and generate income through exports Signup and view all the answers

What affects which industries develop in a country?

Availability of natural resources Signup and view all the answers

What can be inferred about a country's standard of living when its GDP per capita is compared to that of the United States?

It is lower than that of the United States Signup and view all the answers

Which Southeast Asian country has the lowest GDP per capita?

North Korea Signup and view all the answers

What is the impact of natural resources on a region's standard of living?

It has a positive impact Signup and view all the answers

What is the primary reason why many SE Asian countries are investing in colleges and universities?

To keep up economically Signup and view all the answers

Which of the following countries has a self-reported national literacy rate of approximately 100%?

North Korea Signup and view all the answers

What is the main challenge facing North Korea's economy despite its high investment in education?

Strict control of the Communist government Signup and view all the answers

Which countries are investing aggressively in programs to train their people for specific jobs and industries?

India, Japan, China, and South Korea Signup and view all the answers

What is the characteristic of education in North Korea?

It is universal and funded by the government Signup and view all the answers

What is the significance of Cho's experience in education and technology?

To bridge the gap between education and technology Signup and view all the answers

What is the consequence of a country's government imposing many regulations on businesses?

It is challenging for entrepreneurship Signup and view all the answers

What is the name of the fashion e-commerce site founded by Vivy Yusuf?

Fashion Valet Signup and view all the answers

What is special about the brand 'duck'?

It offers affordable and trendy hijabs for Muslim women Signup and view all the answers

How has the government of South Korea treated entrepreneurship?

It has done an excellent job in supporting and training entrepreneurs Signup and view all the answers

What happened to Glow Recipe after appearing on ABC's Shark Tank?

It became famous Signup and view all the answers