Economic Quiz Wednesday Study: Economic Systems Flip Book True/False Questions on Economic Systems 3 Basic Economic Questions Handouts 7/8 Trade Notes Graph/Chart on trade handouts 9/10 Economics Vocab Review- completed today Economic Quiz Wednesday

The way that a country distributes economic resources, goods, and services Economic system

Resources are distributed based on custom and tradition Traditional Economy

Resources are distributed by some combination of traditional, market, and command systems use Mixed Economy

Resources are distributed by the government or other central authority Command Economy

Resources are distributed by individuals Market Economy

What to produce? How to produce? For whom to produce? Three questions answered by every economic system… What to produce? How to produce? For whom to produce?

Venezuela Haiti Moldova Name three countries that have a traditional economy Venezuela Haiti Moldova

United States Germany Japan United Kingdom Name four countries that have a market economy. United States Germany Japan United Kingdom

Cuba North Korea Belarus Name three countries that have a command economy Cuba North Korea Belarus

Peru France Greece Norway Name three countries that have a mixed economy Peru France Greece Norway

A tax on imported goods tariff

To sell a product to someone in another country export

To buy a product from someone in another country import

trade To make an exchange of goods or services The act of buying or selling Example: when you buy gum at the store, you are trading money for gum trade

A limit on the quantity of imports quotas

When trading is done between people living in different countries, or between countries International trade

Countries that have little industry developing

Countries that have a mix of agriculture, manufacturing, and service industries developed