Economics test review 2023

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 almost all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Centrally Planned

Globalization

• Based on past traditions. Trade and barter.
• The money, tools, buildings, equipment and factories used in production.
• business operating on a global scale.
• an economic system combining private and government ownership

Traditional Economy

• all natural resources used to produce goods and services
• A person who organizes, manages, and takes on the risks of a business.
• Based on past traditions. Trade and barter.
• the number of years a person can expect to live

command economy(communism)

• An economic system in which the government makes all economic decisions.
• Based on past traditions. Trade and barter.
• The money, tools, buildings, equipment and factories used in production.
• A person who organizes, manages, and takes on the risks of a business.

labor

• an economic system combining private and government ownership
• Based on past traditions. Trade and barter.
• Includes people, their efforts and abilities. Labor is work and/or workers.
• An economic system in which the government makes all economic decisions.

Entrepreneur

• all natural resources used to produce goods and services
• the number of years a person can expect to live
• an economic system combining private and government ownership
• A person who organizes, manages, and takes on the risks of a business.

land

• Includes people, their efforts and abilities. Labor is work and/or workers.
• the number of years a person can expect to live
• all natural resources used to produce goods and services
• Gross Domestic Product- the total market value of all final goods and services produced annually in an economy

When there are not enough resources to produce everything people want and need it is called....

• Scarcity

• Tariff

• Trade Barrier

• Interdependence

A consumer is

• the thing you give up to get the thing you want

• make the goods

• someone who buys and uses goods