Economic Systems and Price Dynamics

Front

In the 20th Century Soviet Union (present-day Russia), citizens could not make decisions and the government controlled what & how things were produced. What type of economy is this?

Back

Command Economy

Front

2) In most ancient civilizations, people would do the same jobs and the same work that their parents and ancestors did. What type of economy is this? (Economics Vocab List or 3/18 - Economic Systems Day 1)

Back

Traditional Economy

Front

3) What happens to the price of a good when demand is high and supply is low? (Hint: when Covid hit, there was a high demand and a low supply of toilet paper. Did prices go up or down?) (3/17 - Economics Intro)

Back

Price Increases

Front

4) Define hierarchy. What shape are social hierarchies normally represented by? (4/10 Social Structure Intro)

Back

Hierarchy is when groups of people are ranked in order of supposed “importance.” It is represented by a pyramid/triangle

Front

5) Why did trade routes develop? (think: Cause) (3/20 - Trade Intro)

Back

Because certain resources are not available in all areas (scarcity exists)

Front

6) How did trade routes influence and impact ancient civilizations? (think: Effect) (3/20 - Trade Intro)

Back

As civilizations traded goods, they also shared values & beliefs

Front

7) How do social hierarchies misrepresent the importance of specific jobs? (4/10 - Social Structures Intro)

Back

All jobs are necessary for society to function, but social hierarchies give fewer rights to people with specific jobs. (ex: farmers & craftspeople typically near the bottom of the pyramid)

Front

8) Why were camels important to North African trade across the Sahara Desert? (3/25 - Trade Routes)

Back

They could go long distances with heavy loads and little to no water

Front

9) What type of resource is a person who helps a business operate, such as a factory worker or merchant? (3/17 - Economics Intro)

Back

Human Resource

Front

10) What type of resource is defined as a thing that helps a business operate, such as cargo ships, money, machines, etc.? (3/17 - Economics Intro)

Back

Capital Resource