economic quiz wednesday study: economic systems flip book
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The way that a country distributes economic resources, goods, and services Economic systemTRANSCRIPT
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Study: –Economic Systems Flip Book–True/False Questions on Economic Systems–3 Basic Economic Questions Handouts 7/8–Trade Notes–Graph/Chart on trade handouts 9/10–Economics Vocab Review- completed today
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The way that a country distributes economic resources, goods, and services
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Resources are distributed based on custom and tradition
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Resources are distributed by some combination of traditional, market, and command systems use
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Resources are distributed by the government or other central authority
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Resources are distributed by individuals
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Three questions answered by every economic system…
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Name three countries that have a traditional economy
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Name four countries that have a market economy.
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Name three countries that have a command economy
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Name three countries that have a mixed economy
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A tax on imported goods
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To sell a product to someone in another country
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To buy a product from someone in another country
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To make an exchange of goods or services
The act of buying or selling Example: when you buy gum at
the store, you are trading money for gum
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A limit on the quantity of imports
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When trading is done between people living in different countries, or between countries
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Countries that have little industry
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Countries that have a mix of agriculture, manufacturing, and service industries