Global Trade

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Traditional economy.

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Relies on customs and traditions to make economic decisions.

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Mixed economy.

Back

Combines elements of command and market economies.

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Command economy

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production, investment, prices, and incomes are determined centrally by a government

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Economic system where traditional farming methods are being replaced by modern machinery.

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Example in Traditional economy

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Scarcity.

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People have wants and needs that cannot be fulfilled due to limited resources.

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Equalizing the wealth of citizens.

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In theory, command-oriented economies are better than market-based economies at pursuing the goal of equalizing the wealth of citizens.

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The Fourth Amendment.

Back

The Fourth Amendment of the United States Constitution protects against unreasonable searches and seizures.

Front

What happens when the selling price for popsicles falls within the shaded area of the graph?

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There is a shortage of goods.

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What is the relationship between price and quantity in a supply and demand graph?

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Price is on the vertical axis, and quantity is on the horizontal axis.

Front

What does the demand curve represent?

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The relationship between price and the quantity demanded.