Vocabulary
Lesson 1
Lesson 2
Lesson 3
Lesson 4
100
This is something that is passed down from one group to another.
What is a tradition
100
This is the first basic economic question from the lesson
What is "What should be produced?"
100
This is where you would most likely find a traditional economy
What is a rural area
100
Pure forms of command and market economic systems do not exist in the real world. Only this type of economic exists in a pure form
What is a traditional economic system
200
This is the second of the basic economic questions from the lesson
What is "How should it be produced?"
200
This is how a traditional economic system answers the three basic economic questions
What is things are done as they were in the past
200
An economy in which there is a blend of economic systems is known as this
What is a mixed economic system
300
This is a government in which the government owns all property
What is communism
300
This is the third basic economic question from the lesson
What is "Who should get goods and services?"
300
This type of economic system answers the three basic economic question by allowing government leaders to make all the decisions
What is a command economy
300
This is a system in which individuals and private businesses own and control production
What is Capitalism
300
Both the United States and china have this type of economic system.
What is a mixed economic system
400
This is the purpose of an economic system
What is to answer the three basic economic questions
400
This is another name for a command economy
What is a planned economy
400
this is another name for Capitalism
What is a market economy
400
Although the United States has a mixed economy, it leans more toward this economic system
What is a market economic system
500
Sam Walton was the founder of this company
What is Wal-mart
500
This is a government in which one person or a small group of people rule the country by force and make all laws
What is a dictatorship
500
Capitalism provides this to people while communism does not
What is incentive
500
Although China has a mixed economic system, it is leaning more toward this type of economic system
What is a command economic system
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