Economic Systems

Question 1

Scarcity

Answer 1

The limited supply of something

Question 2

What are the 3 basic Economic Systems?

Answer 2

What goods/services will be produced? How will goods/services be produced? Who will consume the goods/services?

Question 3

Traditional Economy

Answer 3

All economic decisions are based on customs, belifs, and traditions of the past

Question 4

Bartering

Answer 4

Trading without using money

Question 5

Command Economy

Answer 5

All economic decisions are made by the government

Question 6

Market Economy

Answer 6

All the questions are controlled by the people
there is no government is involved.

Question 7

Free Enterprise

Answer 7

Competitions between companies (shifts prices of goods/services)

Question 8

Mixed Economy

Answer 8

Countries that have some characteristics of 2 or more systems

Question 9

Economic Continuum

Answer 9

How economically free a country is on a scale of 0-100

Question 10

Nation State

Answer 10

Country

Question 11

Communism

Answer 11

A society where everyone owns everything
Government distributes wealth

Question 12

Capitalism

Answer 12

Private citizens own all means of production, no government control

Question 13

Human Resources

Answer 13

You-
A person and their skills

Question 14

Supply and Demand

Answer 14

The amount of a product available and people’s willingness to purchase.