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