stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Economics Vocabulary Review Flashcards | StudBud
Explore
/
Duplicate of Economics Vocabulary Review
Duplicate of Economics Vocabulary Review
17 terms
·
StudBud Administration
·
42 plays
SS6E1 ECONOMIC SYSTEMS #6thgrade #7thgrad #socialstudies #economics
Flashcards
17 cards
F
Practice quiz
P
Host live
L
Questions
17
Answers
1
Which economic system is based off customs, traditions, and beliefs? Ex: the Aborigines
Market economy
Traditional economy
Command economy
Private economy
2
Which factor of production is considered "gifts of nature"?
Capital goods
Human capital
Natural resources
Entrepreneurship
3
In traditional economy, trading goods and services without the use of money called...
Bartering
Taxation
Free trade
Currency Exchange
4
In this economy, people have the most freedom to buy & sell goods & services.
Pure economy
Traditional economy
Market economy
Command economy
5
Most democratic countries have this kind of economic sysytem
Good Economy
Mixed economy
Command economy
Bad Economy
6
When business owners who risk everything because they believe their business ideas will make $
Capital goods
Human capital
Entrepreneurship
Natural resources
7
Which country has the most economic freedom to buy & sell goods and services?
Cuba
Brazil
Canada
8
which country has the least economic freedom to buy and sell goods and services?
Cuba
Brazil
Canada
9
Private business owners determine what goods/services are produced and how they will be made.
Traditional economy
Market economy
Command Economy
10
The economic worth of all goods and services produced in a country? How rich/poor a country is.
Economic Worth
National Revenue
Gross Domestic Product
Grade Point Average
11
What is the root of economics? Ex: a limited supply of something
Imports
Natural resources
Exports
Scarcity
12
Which economic system is when the government controls production of goods/services? Ex: Cuba
Market economy
Command Economy
Pure Economy
Traditional economy
13
Training & skills that make it possible for workers to earn a livingproducing goods & services.
Natural Resources
Human Capital
Entreprenuership
Capital Goods
14
The factories, machines, technologies,buildings, and property needed by businesses to operate.
Entrepreneurship
Human capital
Natural resources
Capital goods
15
Which of the following countries have little to no economic freedom? Ex: command economy
United States
Cuba
Canada
Brazil
16
A mixed economy has characteristics of both a command economy and a market economy.
False
True
17
Which of the following is NOT one of the three basic economic questions?
What to produce
For whom to produce
How to produce
Why should you produce
