What is one problem for a market economy?

Prices for goods can get high very quickly if demands go up but the supply doesn't change

The price of goods is set by the government, so people know exactly how much things will cost

People know that they will always have a job because the government owns all the businesses and farms

There can be a shortage of goods if the government does not predict which goods will be needed by people

Which of the following are downfalls of a traditional economy? Choose all that apply (3)

Individuals are never able to choose a different job, they must do what their parents and grandparents did

This type of economy is typically found in poor countries

If one person doesn't do their job, the whole system will likely break down

Most people do not like living under this type of economy

This type of economy relies on trade with other traditional economies

How does having natural resources help the economy of a country?

The country saves money because it does not have to import natural resources needed by its people

The country is able to produce ALL the goods and services that it needs

Companies can export natural resources without having to create goods to sell

Companies spend more money because they must buy that natural resources needed to create more goods

Who sets the prices for goods in a market economy?

Buyers and sellers based on supply and demand

The governor-general sets prices for most goods

Parliament sets a price for all goods in a country

Prices for goods brought from China are set by the goverment

In a traditional economy, how are jobs determined?

Jobs are passed down from generation to generation

People can choose to do any job they want

The government tells them what jobs to have

The exchange of goods and services for other goods and services without using money

The exchange of money for goods or services

The exchange of one type of currency for another

Haggling to bring the price of a good or serviced down

Gross Domestic Product (GDP) is...

The total of all goods and services produced in a country in one year

The total of just the goods produced in a country in a year

The total of all goods and services produced in a country each month

The average cost of the goods and services produced in a country each year

the percentage of a country's population over the age of 15 who can read and write

the percentage of a country's population over the age of 21 who can read and write

the percentage of males in a country over the age of 21 who can read and write

the percentage of males in a country over the age of 15 who can read and write

Standard of living refers to...

the level of wealth and material comfort available to people

a country's buildings, roads, bridges, power grids, etc.

the percentage of a population over the age of 15 that is able to read and write

a community of poeple living in a particular region and having shared customs, laws, and organizations

What is specialization?

products a country makes best and are in demand on the world market

the level of wealth and material comfort available to people

the knowledge, skills, and relative health of a country's labor force

the factories, machinery, technology, etc. that are necessary to sustain a service or industry

a community of people living in a particular region and having shared customs, laws and organizations

the level of wealth and material comfort available to people

people who are willing to risk their own money and resources to create new businesses

the people who live in the same country

Which of the following statements BEST describes what trade barriers are?

Any activity that slows or outright blocks the free exchange of goods and services between countries. These can be physical or economic.

Any physical object that blocks someone from trading goods with another country.

Any economic action that blocks free trade between countries.

An action by a Chief Executive that prevents trade between countries.

Which of the following is an example of a boycott?

Citizens of the United States refuse to purchase any goods made in China

The United Kingdom places a tax on shoes imported from China

The United States completely bans (stops) all trade with Cuba

France puts a limit on the number of banans that can be imported from Guatamala

Which of the following is an example of an embargo?

The United States completely bans (stops) all trade with Cuba

The United Kingdom places a tax on shoes from China

France puts a limit on the number of bananas that can be imported from Guatamala

Citizens of the United States refuse to purchase any goods from China

Which of the following is an example of a tariff?

The United Kingdom places a tax on shoes imported from China

The United States completely bans (stops) all trade with Cuba

France puts a limit on the number of bananas that can be imported from Guatamala

Citizens of the United States refuse to purchase any goods made in China

Which of the following is an example of a quota?

France puts a limit on the number of bananas that can be imported from Guatamala

The United Kingdom places a tax on shoes imported from China

The United States completely bans (stops) all trade with Cuba

Citizens of the United States refuse to purchase any goods from China

Which of the following are downfalls of a command economy? Choose all that apply (2)

The government often fails to accurately predict the needs of the people

Food and other shortages often leave people starving and lacking basic needs

This type of economy typically leads to revolts by the people

Most command economies tend to be found in democratic countries

Basic Economics & Trade Review

Authored by Cassie Nicholson

Social Studies

6th Grade

Used 15+ times

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42 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every country decides how to distribute its resources to meet the needs of its people through a _________.

government system

economic system

civics system

literacy rate system

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are entrepreneurs?

businesses owned by the government

people who risk their own money and resources to start their own businesses

businesses that are organized to be successful

people who own farms and businesses that do not want to make a profit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the THREE economic questions that every country must answer when choosing an economic system?

What to produce?

How to produce?

When to produce?

What to produce?

How to produce?

For whom to produce?

When to produce?

What to produce?

How to produce?

When to produce?

Where to produce?

How to produce?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited supply of something is known as...

surplus

excess

abundance

scarcity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Customs and habits are most important to which type of economy?

mixed

market

traditional

command

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economic system does the government control what factories produce and what prices to charge for those products?

mixed

market

command

traditional

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economic system do consumers make economic decisions based on changes in prices that occur between buyers and sellers?

mixed

market

command

traditional

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Basic Economics & Trade Review

Every country decides how to distribute its resources to meet the needs of its people through a _________.

What are entrepreneurs?

What are the THREE economic questions that every country must answer when choosing an economic system?

A limited supply of something is known as...

Customs and habits are most important to which type of economy?

In which type of economic system does the government control what factories produce and what prices to charge for those products?

In which type of economic system do consumers make economic decisions based on changes in prices that occur between buyers and sellers?

In a command economy, who usually owns the farms and factories?

If the supply of a product decreases, but the demand for it increases, prices will...

An economy that has some characteristics of both command and market economies is called...

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