WG Economics Review

Traditional farming. Grows only enough food to feed themselves and family.

• Subsistence Agriculture

• Commercial Agriculture

• Plantation Agriculture

Consumer demand determines what goods and services are produced (supply and demand).

• Free Market Economy

• Communist Economy

• Socialist Economy

• Traditional Economy

Government decides what to make, how to make it, and who gets it.

• Free Market Economy

• Communist Economy

• Socialist Economy

• Traditional Economy

A mix of Free Market and Communist. Individuals own private property, but the government may own a few key businesses.

• Free Market Economy

• Communist Economy

• Socialist Economy

• Traditional Economy

Found in remote, poor places. People base their economic decisions on tradition

• Free Market Economy

• Communist Economy

• Socialist Economy

• Traditional Economy

Which of these is an example of a good?

• Sneakers
• A massage
• A doctor's visit
• Tutoring session

Which of these is an example of a service?

• Building a home
• Steel
• A couch
• A new roof

Which of these is an example of a renewable resource?

• Diamonds
• Trees
• Coal
• Oil

Which of these is a nonrenewable resource?

• Oil
• Corn
• Sunlight
• Water

Barter is a major feature of this economic system...

• Traditional
• Command (Communist)
• Free Market (Capitalist)
• Mixed (Socialist)