6th Grade Economics Terms Flashcards
1
Q
What is an economy?
A
The SYSTEM in which goods are BOUGHT SOLD, and or TRADED
2
Q
What are all the economic systems?
A
CUSTOMARY, MIXED, FREE ENTERPISE(CAPITALISM, MARKET), COMMAND.
3
Q
What is free enterprise economy?
A
Where PRIVATLY OWNED BUSINESSES are able TO CREATE GOODS to SELL to their BUYERS.
4
Q
What is a command economy?
A
The GOVERNMENT OWNS MOST PARTS of the ECONOMMY and DECIDES what will be SOLD and BOUGHT
5
Q
What is a traditional economy?
A
When the people TRADE GOODS and SERVICES WITHOUT MONEY.
6
Q
What is a mixed economy?
A
A economy that has parts of FREE ENTERPRISE AND COMMAND ECONOMY’S.
7
Q
What is entrepreneurship?
A
When someone STARTS or CREATES their OWN BUSINESS.
8
Q
What is a GDP per capita?
A
The AVERAGE INCOME of ONE PERSON from the PUBLIC.
