Economic Systems

Front

Which one is NOT an economic system? Market, Mixed, Command, Barter

Back

Barter

Front

The situation exists when there is unlimited but not enough supply of a good or service is called _________.

Back

scarcity

Front

When a country focuses on producing the goods and services that it can makes best and trading it for what it is unable to produce is known as _____________.

Back

specialization

Front

___________ is the study of how decisions are made about how to allocate (distribute) limited resources in order to satisfy our unlimited wants.

Back

Economics

Front

___________ occurs when a country focuses on producing the goods and services they can make best and trading for what they are unable to produce.

Back

Specialization

Front

Specialization and scarcity lead to _______ among individuals or organizations within a country, as well as individuals or organizations between other countries.

Back

trade

Front

Learning about trade allows you to study how people organize production, distribution, and consumption of goods; plus, it prepares you to understand ___________ (having to do with one's own country) and global issues.

Back

domestic

Front

The development of an increasingly worldwide economy is known as ___________.

Back

globalization

Front

Air to breathe, food to eat, water to drink, shelter to live in, and clothing are humans basic ______.

Back

needs

Front

Scarcity requires that consumers and producers to make __________ with their limited resources.

Back

choices