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