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Economic Systems
Economic Systems
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Basic economic systems for 6th grade #lowrey #whitt #economics
Flashcards
28 cards
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Questions
28
Answers
1
The economic system of the Soviet Union is most closely related to which of the following?
command
traditional
market
free enterprise
2
Which is an example of investing in human capital?
coal and iron
factories
education or training
cash
3
Government decides education, jobs, wages, what will be sold, and prices
Traditional economy
Command economy
Mixed economy
Market economy
4
Which describes a market economy?
National businesses, such as airlines, are owned by the government.
A person can start any legal business and charge any price.
The government provides food and housing to all workers.
The government provides services, such as telephones and television.
5
In which economic system are the production and distribution of goods owned by private individuals or corporations?
command
feudalism
market
traditional
6
When supply is high and demand is low prices will be
prices will be low
None of the above
prices will be high
prices will be just right
7
Most of the world has mainly a ____________ economy?
Traditional
Command
Mixed
Market
8
Which of these organizations was created to make trade between its members easier?
North Atlantic Treaty Organization
United Nations
European Union
Organization of Petroleum Producing Countries
9
Individuals decide what to make and how to make it. You can own your own business and property
Mixed economy
Command economy
Traditional economy
Market economy
10
The United States has primarily which type of economic system
Market economy
Mixed economy
Traditional economy
Command economy
11
Government makes all economic decisions and controls resources
Mixed economy
Market economy
Traditional economy
Command economy
12
Prices are determined by supply and demand
Market economy
Mixed economy
Command economy
Traditional economy
13
In this economy businesses own the resources and answer questions, but the government regulates everything.
Command economy
Market economy
Traditional economy
Mixed economy
14
Which word has the same meaning as the economic term "tariff"?
Tax
money
savings
investing
15
When supply is low and demand is high prices will be...
Prices will be just right
Prices will be high
Prices will be low
None of the above
16
--Embargoes --Quotas --Subsidies --Tariffs What would be a good title for this list?
"What I did this Summer"
"Obstacles to Free Trade"
"International Diplomatic Tools"
"Benefits to Consumers"
17
Which of the following is found in a market economy?
guaranteed yearly pay raises
competition
government control of industry
government control of agriculture
18
In which country would it be most difficult to start a business?
Russia
Germany
About the same for each
United Kingdom
19
What is human capital?
The cash a business has to spend.
A country's standard of living.
The workers of a business or county.
The buildings, equipment, and property owned by the business.
20
Economic systems answer the questions
All of the above
Who will get it?
How to make it?
What to make?
21
All economic systems answer the 3 questions the same way.
False
True
22
What economic system do they have in Cuba?
Command economy
Mixed economy
Market economy
Traditional economy
23
Usually have the same job as your parents, very little technology. Based off agriculture
Traditional economy
Command economy
Market economy
Mixed economy
24
In a market economy _______________________________.
basic goods in the country are provided to all people without charge
workers are guaranteed a pay raise every year
the government controls most of the businesses in the country
companies can produce goods of their choice and consumers decide whether to buy the goods
25
Agriculture means...
Language
Factories
Farming
Religion
26
In which economic system does the government make the decision of what to produce, how to produce, and for whom?
traditional
closed
command
market
27
In a command economy, how are the prices of goods and services determined?
Market forces of supply and demand
Central government
Independent agencies and independent regulators
Business owners
28
Communism has a command economy
True
False
