Show:
Economic Systems
The Ox Cart Man
Grandpa's Corner Store
Vocabulary
This and That
100
The government makes all the economic decisions.
What is Command Economic System?
100
The Ox-Cart Man traded his goods for money and then traded the money for new goods.
What is exchange?
100
Grandpa owns his own grocery store.
What is Private Property Rights?
100
There is no end to the number of things people want and need.
What is unlimited wants?
100
Scissors, books, glue sticks, and markers.
What are goods?
200
There are not many economies like this anymore.
What is Traditional Economic System?
200
The mom used a loom and the son used a knife to carve brooms. The loom and knife are example of...
What is capital resources?
200
Grandpa delivered goods to consumers and allowed consumers to pay for their goods at a later time. Both of these are examples of...
What is incentives?
200
Not enough
What is scarcity?
200
Doctors, Trash Collectors, Bus Drivers, and Teachers all provide...
What are services.
300
The type of economic system the United States uses.
What is Market Economic System?
300
The family made maple syrup from maple trees and the son made brooms from birch trees. The trees are example of this.
What are Natural Resources?
300
When the big supermarket opened down the street from Grandpa's store the supermarket turned into Grandpa's
What is competition?
300
When you make a choice, this is the second thing you wanted.
What is opportunity cost?
300
Someone who makes goods and services.
What is a producer?
400
The government decides what will be produces.
What is Command Economic System?
400
The Ox-Cart Man bought peppermint candies and a cooking pot. This is part of the story, the Ox-Cart Man was being a...
What is a consumer?
400
Consumers in Grandpa's store bought sandwiches, day old newspapers and milk. This was an example of...
What is voluntary exchange?
400
Things that are used to produce more goods and services.
What are capital resources?
400
Mrs. McDowell shops a lot at Target. When she is shopping at Target she is a....
What is a consumer?
500
Farming and Fishing were the most common types of work.
What is Traditional Economic System?
500
Each member of the family was in charge of producing a good. Since each family member made something different, it was an example of...
What is specialization?
500
Each worker in Grandpa's store had a special job to do...nobody did all of the jobs. This is an example of...
What is specialization?
500
The study of how people use money in the world around them.
What is economics?
500
The BEST social studies teacher in the universe.
Who is Mrs. McDowell?