Economic Systems and Trade Barriers

Front

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

Back

Market Economy

Front

People use the resources they have to make only what they need to survive.

Back

Traditional Economy

Front

Most countries in the world have a ___________________ economy.

Back

Mixed

Front

What type of economy is represented by Sam learning how to make clay bricks like his father and grandfather? Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

Back

Traditional

Front

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

Back

Command

Front

Which economic system are all resources privately owned and the producers and consumers answer the three economic questions?

Back

Market

Front

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

Back

Market

Front

A country that has aspects of a market economy plus a command economy is called a

Back

Mixed Economy

Front

Which of the following trade barriers places a limit on imported goods? Tariff, Quota, Embargo

Back

Quota