Unit 4 Economics of Europe

What are the three basic questions that every economic system must answer?

• What, how, and for whom to produce

• How, Why, and for whom to produce

• Why, how often, and for whom to produce

• What, how, and where to produce

How do traditional economies exchange goods?

• Bartering

• Selling

• buying

• colonizing

Most countries have which type of economic system?

• mixed economy

• market economy

• command economy

• traditional economy

An economy where people use the same work methods and tools generation after generation is a ________economy?

• Traditional

• Entrepreneur

• Command economy

• Free market economy

An economy where the government owns and controls the economy and owns all the businesses and land is a _______ economy?

• Command Economy

• Traditional Economy

• Free market economy

• Gross domestic product

Tags

CCSS.W.6.2D

A person that takes risks to start a business is a ________?

• enterpreneur

• Command economy

• Citizen

• Prime minister

The total value of all the goods and services produced in a country in a year is the ________

• Gross domestic product or GDP

• Gross domestic product per capita

• wage

• Product

A command economy would most likely be found in an ______ government.

• Command

• Democratic

• Oligarchy

• theocracy

_________is when a person produces only what they need to survive or for personal use.

• subsistence

• scarcity

• bartering

• subsidization

Tags

CCSS.L.6.4A

CCSS.RI.6.4

What vocabulary term does the picture represent?

• Economic continuum

• Free enterprise

• Economic systems

• Government systems

Tags

CCSS.L.6.4A

CCSS.RI.6.4

CCSS.W.6.2D