Resources
Traditional economy
Command economy
Market economy
Other terms
100

Name the three kinds of goods

What is intermediate goods, consumer goods, and capital goods?

100
In this type of economy, who chooses a child's job?
What is a parent
100
Who makes decisions in this kind of system?
What is a central authority like a king
100
What is another name for a free market economy?
What is capitalism
100
What is the difference between wants and needs?
A want is something that is not necessary to survive- they make you happy. A need is something that is necessary to survive.
200
Name the type of resource that is made by people and used to make more
What is people-made
200
Decisions in this economy are based on
What is tradition
200
What is considered by the central planners when they are deciding what to produce?
What is the needs of the entire country
200
What happens in this type of system?
What is buying and selling
200
What are goods?
What is something that you can see, touch, and use
300

Name the type of resource that labor, or what people do, falls under.

What is human capital

300
Give two advantages of this type of economy
What is no one is left out and it is very stable
300
What is it called when a large number of people are involved in making decisions?
What is a bureaucracy
300
Who makes the decisions in a market economy?
What is buyers and sellers
300
This is when some countries can produce more of a good than others.
What is absolute advantage.
400

Name the type of resource that is found in nature

What is natural resources

400
Name two disadvantages of this system
What is there is no choice in jobs and change is slow
400
True or false: in this type of society, individuals are encouraged to make new ideas.
What is false
400
Who makes decisions in this system?
What is individuals make their own choices
400

This is when a country can produce more of one good than another, but that country chooses to trade with other countries in order to focus on getting something of a greater value.

What is comparative advantage

500

All of these items, except for one, are people-made resource. Name the resource that is NOT people-made and then tell what type of resource it really is. Machines, shovels, helmets, truck drivers, ax

What is a truck driver. A truck driver is a human resource/human capital

500
Where is this system found?
What is in simple agricultural societies, like Asia, Africa, and Latin America
500
Where can this economy be found?
What is the Soviet Union
500
Where can this system be found?
What is the United States
500
These are the four basic economic questions that need to be asked
What is what will be produced, how will it be produced, how much will be produced, and who gets what is produced
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