Economics and World Trade

What term is used to describe when there is NOT enough product for everyone that wants it?

• Urbanization

• Scarcity

• Pull Factor

• Choices

Select the three types of resources every society has:

(Choose all that apply)

• natural

• human

• movement

• capital

What economic system provides the MOST amount of economic freedom?

• Market Economy

• Mixed Economy

• Command Economy

Label the following example as either a PUSH factor or PULL factor:

No job opportunities.

What economic system describes a combination of BOTH a Market Economy and Command Economy?

• Market Economy

• Mixed Economy

• Command Economy

The majority of economies around the world are somewhere between a Market and Command Economy. This is shown on graph in the image above.

Which two countries can be considered the closest to a pure Market Economy?

• North Korea

• China & Venezuela

• Japan & United States

• Sweden & France

Label the following example as either a PUSH factor or PULL factor:

High cost of living.

What does the term "Urbanization" mean?

• When people buy farms away from the city

• Building a new economy

• Government taking control of buying and selling

• The population shift from rural to cities

TRUE or FALSE: How a society answers the three main economic questions, will result in a particular type of economic system.

• True

• False

How are the three main economic questions answered in a Command Economy?

• By the buyers and sellers

• By the government