Types of Economies
What type of economy relies on customs and traditions?
What is a traditional economy?
An example of are the natural resources used in production.
What is wood, water, metal, sunlight, plants, wind, time?
North Korea's government controls all aspects of production.
What is command economy?
What was the exchange of goods, ideas, and diseases between the Old World and New World called?
What is the Columbian Exchange?
What is the term for how much of a product is available?
What is supply?
In a market economy, who makes the majority of the economic decisions?
Who are consumers and producers (citizens)?
What do we call the skills and abilities workers bring to the job?
What is labor?
Canada's people can own businesses and the government has limited control.
What is mixed market economy?
Which crop was brought from the Americas to Europe during the Columbian Exchange?
What is maize (corn)?
What is the term for how much of a product consumers want to buy?
What is demand?
Which type of economy is characterized by government control over production?
What is a command economy?
What term describes the tools and buildings used to produce goods?
What is capital?
The Aztec's economy is based on traditions, such as bartering.
What is traditional economy?
Name one disease that was brought to the Americas from Europe.
What is smallpox?
When demand increases and supply stays the same, what happens to prices?
Prices go up.
What is the term for economies that blend elements of both market and command systems?
What is a mixed economy?
Who are the individuals that risk money to start businesses?
Who are entrepreneurs?
Germany's economy combines elements of free market with government regulation
What is mixed market?
What animal was introduced to the Americas during the Columbian Exchange?
What is the horse, cow, pig, etc?
What happens when there is more supply than demand?
Prices go down or there is a surplus.
Name an example of a country with a mixed market economy.
What is the United States?
What factor of production is essential for creating goods and services?
What are all four factors of production?
Known for its mixed market economy and innovation, this country is a global leader in technology.
What is the United States?
How did the Columbian Exchange impact the diets of people worldwide?
It introduced new foods and changed agricultural practices.
If a new product is very popular, what is likely to happen to its price?
The price will likely increase due to high demand.