Vocabulary
Define the term production.
The process by which goods are made.
Who makes the economic decision in a market economic system?
Buyers & Sellers
England is an example of a market economic system.
True or False?
True
Define the term distribution.
How goods are transported from one location to another location.
Which group is an example of a traditional economic system?
The Amish
Define the term resources.
Materials used to make goods or products
Define the term cultural values.
Ideals that determine how a country runs and how they create their economy.
How are economic decisions made in a traditional economic system?
Habits & Customs
North Korea is an example of a command economic system.
True or False?
True
Define the term traditions.
The transmission of customs or beliefs from generation to generation.
In a command economic system, who makes the economic decisions?
The government
The United States is an example of a traditional economy.
True or False
False
What are the three economic questions?
What to produce?
How to produce?
Who receives the good?
List the three economic systems.
Traditional
Command
Market
In which year did the United States enter WWI?
This is a filler question.
1917