Economics 7th Grade

Economic decisions are based on customs and traditions are _______________________

• Traditional Economies

• Command Economies

• Major Economies

The government usually owns most of the property and makes decisions in ____________________________

• Traditional

• Command Economies

• Mixed Economies

Private citizens own their own businesses and keep the profits earned in

• Tra

• Command Economies

• Market Economies

No country has a pure economic system. Most are placed somewhere on a continuum between a market and command. Some government controls are present in

• Mixed Economies

• Market Economies

• Command Economies

Items that are used or needed by the people are

• Luxi

• Necessities

• Productive Resources

Gifts of nature, no human intervention. Renewable and non-renewable are

• productive resources

• natural resources

• capital resources

Goods people produce and use to make other goods and services - machines, tools.

• productive resources

• capital resources

• human or labor resources

Quantity/quality of human effort towards producing goods and services.

• human or labor resources

• productive resources

• natural resources

Taxes on good that come into a country (Imported Goods) Makes the priceof theimported goods more expensive. When the price goes up on goods from foreign countries, demand for the lower-priced item produced at home (domestic goods) goes up.

• Tariffs

• Quo

• Embargo

A _______________ is a restriction on the amount of goods that can be imported into a country. They can create shortages which can cause prices to rise.

• Tariff

• Quotas

• Standards