1. 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

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

3. Resources are distributed based on custom and tradition
Traditional Economy

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

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

6. Resources are distributed by individuals
Market Economy

7. 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?

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

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

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

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

12. A tax on imported goods
tariff

13. To sell a product to someone in another country
export

14. To buy a product from someone in another country
import

15. 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

16. A limit on the quantity of imports
quotas

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

18. Countries that have little industry
developing

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