Study Flashcards
An economic system in which economic decisions are based on customs and beliefs
Traditional
Some villages in Africa, Asia, Europe and South America, as well as people in America like the Amish have this kind of economy
Traditional
Type of economic system where the government makes all economic decisions & owns most of the property
Command
Communist governments are closely related to ____________ economic systems
Command
An economic system in which production and distribution questions are answered by prices and profits (supply and demand)
Market
Carson loves baseball and wants to be a professional baseball player, but instead the government said he’s going to work in a grocery store
Command
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference - Found in Market Economies
Free Enterprise
Exchange of Goods is done through trading and without money. Found in traditional economies.
Bartering
All of these are main types of economic systems except
Universal
Food in the Soviet Union was scarce and expensive because of this type of economy.
Command
Advertising is a common sight that you would see in _________ economies.
Market
Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?
Market
Which economic system where what goods are made, how they’re made it and who they’re made for are all answered by what the person’s ancestors and traditions tell them, and they use BARTERING!
Traditional
____________ are a positive incentive for entrepreneurs to start a business despite the risks. (Another word for making money in your business!)
Profit
Gibran loves science and wants to become a doctor, but he is learning how to be a plumber like his dad and grandfather instead.
Traditional
A ___ is someone who buys goods and services.
Consumer
A ___ is someone who makes a good or service.
Producer
AJ goes to the store and buys an apple. He is a ….
Consumer
Henry gives people soccer lessons. Would providing soccer lessons be considered a good or service?
Service
Lillian works at the icecream factory and makes ice cream. Is she considered a producer or consumer?
Producer
Tyler buys pink cotton candy icecream. Is he a producer or consumer?
Consumer
An expert who studies production, consumption and the transfer of wealth is called _____________.
Economist
