6th Grade Economics

A person who has skills for a job; a worker or employee. Ex: carpenter, factory worker, waiter.

Economy where people do what their ancestors did.

All of these are trade barriers except

Economy where some businesses are government owned and others are privately owned by citizens.

The products, items, and machines a business needs to run & succeed. Ex:machines, computers

Easiest way to make an A on this test?

This type of economy is found in small villages in Africa.

The most common economic system today

Which country is NOT close to a command economy?

Which country has a mostly market economy?

Economy where supply and demand drives what, how, and for whom to produce things.

An economy where the country owns all business and resources.

Something people exchange for goods or services. Ex: Dollar, Euro, Peso

Limit on the amount of products allowed to be traded from other countries.

Economy where the government says what to produce, how to produce it and for whom.

A person who organizes and manages a business.

Which of the following is not a question that all economic systems must answer?

a tax that the government puts on imported or exported goods.

An economy where private citizens or groups of citizens own buinesses

Total value of all the goods and services produced within the borders of a nation in a year.