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Economic Systems Flashcards | StudBud
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Economic Systems
Economic Systems
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StudBud Administration
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6th grade
Flashcards
13 cards
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Questions
13
Answers
1
Who determines the wages of workers in a command economy?
The people
The government
Your grandpa
The boss
2
What country is an example of an almost 100% command economy?
Britain
United States
China
Cuba
3
A plan on how to use limited resources is called a(n) ________
Economic system
Scarcity
Supply and demand
4
what does bartering mean?
Trading using money
Trading without using money
supply and demand based economy
5
_______ is the root of economics
Scarcity
Traditional economy
Bartering
6
What economic system is based on the changes in prices that occur as buyers & sellers interact?
Market
Traditional
Command
7
what is an example of command economy?
Capitalism
Bartering
Communism
8
Traditional economy is based on ________
Government
Scarcity
Bartering
Supply and demand
9
What are the three economic system?
Traditional, Command, and Market
Traditional, Command, and Money
Traditional, Command, and Trading
10
What is traditional economy based on?
Scarcity
Supply and demand
Customs, traditions, and beliefs from the past
11
In a _____ economic system, the government makes all economic decisions.
Traditional
Market
Command
12
Who owns most of the property in a command economy?
Community
People
Government
13
Supply and demand is an element of ______ economy
Command
Traditional
Market
