Resources and Economic Systems

What is the term for something found in nature that is necessary or useful to humans?

• Natural Resources

• Economic Resources

• Human Resources

• Numerical Resources

Can be replaced through natural processes.

• Renewable Resources

• Non-Renewable Resources

• Unlimited Resources

Used to produce energy and is always available.

• Renewable Resources

• Non-Renewable Resources

• Unlimited Resources

Goods and services are traded (barter), but money is rarely exchanged.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Production of goods and services is decided by a central government.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Production of goods and services is determined by the supply and demand of consumers.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A combination of command and market economies provides goods and services.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A system for producing and exchanging goods and services among a group of people.

• Economy

• Economic System

• Environmentalism

• Economic Route

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned