Unit 2: Economic Systems (VERSION 2)
Flashcard
•
Social Studies
•
7th Grade
•
Practice Problem
•
Hard
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8 questions
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1.
FLASHCARD QUESTION
Front
Production is based on long-established customs and traditions; people often grow their own food and barter/trade
Back
traditional economy
2.
FLASHCARD QUESTION
Front
The government controls the economy; the central government makes ALL economic decisions
Back
command economy
3.
FLASHCARD QUESTION
Front
Economy based on private ownership, free trade, and competition; prices are determined by supply/demand.
Back
market economy
4.
FLASHCARD QUESTION
Front
A combination of traditional, market, and command economic systems.
Back
mixed economy
5.
FLASHCARD QUESTION
Front
An economic system in which individuals and private businesses run most industries.
Back
Capitalism
6.
FLASHCARD QUESTION
Front
The government controls some of the basic factors of production, but other industries are privately owned.
Back
Socialism
7.
FLASHCARD QUESTION
Front
A political system in which the government owns all property and dominates all aspects of life in a country.
Back
Communism
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