Commodity Economy: Definition & Concept


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question 1 of 3

True or False: In a commodity economy, it matters whether the item comes from Morocco or Brazil.

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1. In commodity economies, the price of gold is often affected by the price of _____.

2. In oil's commodity economy, the price of a barrel of oil has risen precipitously -- over $80 per barrel -- since the _____.

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About This Quiz & Worksheet

These assessments were created to help you strengthen what you know about commodity economies. To pass the quiz, you will need to be aware of topics like oil commodity trends and things that affect the price of gold.

Quiz & Worksheet Goals

These tools can be used to assess your knowledge of:

  • The characteristics of a commodity economy
  • Factors that affect the price of gold
  • Oil commodity trends
  • Items not considered commodities

Skills Practiced

  • Making connections- use understanding of the concept of what the price of gold relies on
  • Interpreting information - verify that you can read information regarding characteristics of a commodity economy
  • Information recall- access the knowledge you've gained regarding items that are not considered commodities

Additional Learning

Get more information on commodity economies by reading the lesson titled Commodity Economy: Definition & Concept. These are some main points this lesson will cover:

  • The definition of commodity
  • How commodity economies affect global markets
  • Types of commodity economies