World Economic Systems

A _____________ economy is completely determined and controlled by a central planning authority or the government

• Traditional

• Command

• Mixed

• Market

A ______________ economy is guided primarily by custom, habit, and ritual.

• Traditional

• Command

• Mixed

• Market

Moana's village would be an example of a ___________ economy.

• Traditional

• Planned/command

• Mixed

• Free-market

A _____________ economy is driven entirely by voluntary exchange in markets

• Traditional

• Command

• Mixed

• Market

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Command

• Mixed

• Market

The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

• True

• False

What is a tariff?

• a ban on trading with a country
• a service fee on products
• a tax on products coming into the country
• countries can trade freely

What is a trade surplus?

• Exports are higher than imports
• Imports are higher than exports

What is a trade deficit?

• Exports are higher than imports
• Imports are higher than exports

A Trade Bloc is:

• A group of countries refusing to trade with another country.

• An agreement between countries to trade their goods.

• A group of rich countries.

• An agreement between poor countries only.