Chapter 15 Assessment - 6th grade McGraw Hill

An economic system in which individuals and businesses own all resources and make economic decisions on the basis of price

• Socialist economy
• Command economy
• Mixed economy
• Market economy

An economic system in which the government makes all the economic decisions

• Capitalist economy
• Command economy
• Free market economy
• Mixed economy

An economic system in which the decisions of what, how , and for whom to produce are based on custom and habit

• Command economy
• Traditional economy
• Socialist economy
• Capitalist economy

An market economy that has elements of command and traditional market economies that you find in the United States and China

• mixed economy
• capitalist economy
• traditional economy
• command economy

The situation of not having enough resources to satisfy all one's wants.

• scarcity
• excess
• plenty
• abundance

A thing that can be used to make goods.

• raw material
• resources

• waste material
• manufacturing equipment

The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants.

• Geography
• Economics
• History
• Biology

The situation of not having enough resources to satisfy one's needs.

• scarcity
• surplus
• plenty
• abundance

What are the 3 basic questions all producers of products ask themselves before making a product?

• What to produce, how to produce, for whom to produce
• Who to produce for, what color to produce, how much to produce
• Where to produce, when to produce, why to produce
• How to market, when to sell, where to distribute

The alternative you face when you decide to do one thing rather than another?

• Opportunity
• Decision
• Trade-off

• Consequence