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Economy/James 6th grade Flashcards | StudBud
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Economy/James 6th grade
Economy/James 6th grade
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Questions
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Answers
1
What is
an economic model governed by custom, habit, and history?
Team economy
Autocracy economy
Market economy
Traditional economy
2
What is a
term for one’s financial earnings?
Wage
Chancellor
GDP
Money
3
What is it when the
private citizens take all the risk and use their own money to start a business?
Big business
Entrepreneurship
Economic system
Bartering
4
What is
an economic model in which the laws of supply and demand determine produced/consumed and at what cost?
Market economy
Command economy
New Deal
Bartering
5
What is a
term used to describe the market/command blending of all modern world economies
?
Brexit
Command economy
Traditional economy
Mixed economy
6
What is a
term which refers to the products or services originating in one’s own country?
Free enterprise
Domestic
Eurozone
Foreign
7
What is
an economic model wherein government planners make all business and financial decisions
?
Command economy
New economy
Democratic economy
Brexit
8
What is
producing only what is necessary for personal use/survival
Subsistence
Bartering
Subsidization
Credit
9
What is
the required amount of a specific good that must be produced in a given timeframe
?
Bartering
GDP
Wage
Production quota
10
What is
a system of exchange where one good/service is given in return for another, no money exchanged?
Bartering
Economic continuum
Credit
Payment
