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SS6E1 Economics Vocabulary Review Flashcards | StudBud
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SS6E1 Economics Vocabulary Review
SS6E1 Economics Vocabulary Review
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SS6E1 ECONOMIC SYSTEMS #6thgrade #7thgrad #socialstudies #economics
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
A mixed economy has characteristics of both a command economy and a market economy.
False
True
2
Which economic system is when the government controls production of goods/services? Ex: Cuba
Traditional economy
Market economy
Command Economy
Pure Economy
3
What is the root of economics? Ex: a limited supply of something
Natural resources
Imports
Scarcity
Exports
4
Most democratic countries have this kind of economic sysytem
Mixed economy
Command economy
Bad Economy
Good Economy
5
Which economic system is based off customs, traditions, and beliefs? Ex: the Aborigines
Private economy
Command economy
Market economy
Traditional economy
6
Which of the following is NOT one of the three basic economic questions?
Why should you produce
What to produce
For whom to produce
How to produce
7
which country has the least economic freedom to buy and sell goods and services?
Brazil
Cuba
Canada
8
Which factor of production is considered "gifts of nature"?
Natural resources
Human capital
Capital goods
Entrepreneurship
9
Which country has the most economic freedom to buy & sell goods and services?
Cuba
Brazil
Canada
10
In traditional economy, trading goods and services without the use of money called...
Taxation
Free trade
Currency Exchange
Bartering
11
In this economy, people have the most freedom to buy & sell goods & services.
Pure economy
Market economy
Command economy
Traditional economy
12
The economic worth of all goods and services produced in a country? How rich/poor a country is.
Economic Worth
Gross Domestic Product
National Revenue
Grade Point Average
13
Which of the following countries have little to no economic freedom? Ex: command economy
Canada
Brazil
United States
Cuba
14
Private business owners determine what goods/services are produced and how they will be made.
Command Economy
Market economy
Traditional economy
15
Who is the best teacher ever?
Ms. Nat Nat
Ms. Nat
Ms. Watkins
Ms. Natalie
