Econ Systems + Trade

What is an economic system?

• A system that distributes goods and services

• A system that produces goods and services

• A system that consumes goods and services

• A system that determines who gets what

Which economic system involves farmers and craftspeople producing goods for their own consumption and sharing with neighbors?

• Command Economy

• Mixed Economy

• Traditional Economy

• Free Market Economy

In which economic system does the government control every part of the economy?

• Free Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Which economic system allows producers to produce whatever they think consumers will like?

• Mixed Economy

• Free Market Economy

• Command Economy

• Traditional Economy

Which economic system involves both market transactions and government rules?

• Mixed Economy

• Free Market Economy

• Command Economy

• Traditional Economy

What is a continuum in economics?

• A system that decides who gets what

• A line connecting two extremes used to compare items in a group

• A trade barrier that places a tax or fine on imports

• A region that has no trade barriers among countries

What does the government do to protect consumers, workers, and the environment?

• Create rules and laws

• Produce goods and services

• Distribute goods and services

• Consume goods and services

What is trade?

• The study of who gets what

• Goods that come into a country

• The voluntary exchange of goods and services among countries

• Goods that a country sends out

What are goods?

• Actions to meet a need

• How much there is of something

• How much consumers want something

• Things or products

What is specialization in economics?

• How much people are willing to pay for something

• Producing what a country is good at

• Things found in nature that people value

• Things from nature that do not have value