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Flashcard
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Social Studies
•
4th Grade
•
Practice Problem
•
Hard
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28 questions
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1.
FLASHCARD QUESTION
Front
In this type of economy, the people decide the supply, demand, and price.
Back
Market
2.
FLASHCARD QUESTION
Front
Which type of economy has central ownership, the government, and lack of individual choice?
Back
Command
3.
FLASHCARD QUESTION
Front
Capitalism is in what type of economy?
Back
Market
4.
FLASHCARD QUESTION
Front
This means that the government should not interfere in the marketplace.
Back
Laissez Faire
5.
FLASHCARD QUESTION
Front
When customers and business owners exchange products and money, because it will help them both in some way.
Back
voluntary exchange
6.
FLASHCARD QUESTION
Front
The amount of money a business makes after its expenses are paid
Back
profit
7.
FLASHCARD QUESTION
Front
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
Back
specialization
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