Understanding Economic Systems Flashcard

Understanding Economic Systems Flashcard

Assessment

Flashcard

Social Studies

5th Grade

Hard

Created by

Wayground Content

FREE Resource

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12 questions

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1.

FLASHCARD QUESTION

Front

What is a traditional economy primarily based on?

Back

Customary practices and cultural traditions

2.

FLASHCARD QUESTION

Front

In a market economy, who primarily determines the prices of goods and services?

Back

Consumers and producers

3.

FLASHCARD QUESTION

Front

Which type of economy emphasizes subsistence farming and bartering?

Back

Traditional economy

4.

FLASHCARD QUESTION

Front

What is a key characteristic of a command economy?

Back

Centralized control by the government

5.

FLASHCARD QUESTION

Front

In a traditional economy, how are occupations typically determined?

Back

Inherited and passed down through generations

6.

FLASHCARD QUESTION

Front

Which economy type encourages entrepreneurship and innovation? Options: Traditional economy, Command economy, Market economy, Mixed economy

Back

Market economy

7.

FLASHCARD QUESTION

Front

How does a command economy typically allocate resources?

Back

Through government directives and production targets

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