Economics Vocabulary 6th Grade

Which of the following characteristics describes a traditional economy? (Pick 2)

• Individuals follow the occupation of their ancestors

• People attain goods and services through bartering

• This is the economic system for most democratic nations

• Individuals are constantly introducing new ideas and change

Which of the following answers does not match with the economic term: "Natural Resource"

• A product of the earth that people use to meet their needs

• Trees, air, soil and minerals

• The presence of this resource saves your country money

• None of the above

A __ __ __ __ __ is a number limit on how many items of a particular product can be imported from another country.

(a)  

In a command economy, all economic decisions are made by the

__ __ __ __ __ __ __ __ __ __.

(a)  

True or False:

A physical trade barrier is a natural barrier that makes it more difficult for country to trade goods and services.

• True

• False

If a country has a high literacy rate they will most likely have a __ __ __ __ standard of living.

(a)  

If you live in a country with a communist government, your economic system is most likely

• Market

• Traditional

• Command

• All of the above

Select the 3 basic economic questions that all economic systems must answer.

• What to produce?

• How to produce?

• How much to produce?

• For whom to produce?

Which of the following is found in a market economy?

• You do what your parents and grandparents did for a living.

• The government is not involved at all!

• There is a little bit of government control.

• The government controls everything!

Which 2 of these options are examples of investing in human capital?

• Road building

• Training

• Buying machinery

• Education