What is scarcity?

Economic Systems Flashcards

Flashcard
•
Social Studies
•
9th Grade
•
Hard
Malachi Muhammad
Used 2+ times
FREE Resource
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115 questions
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1.
FLASHCARD QUESTION
Front
Back
Scarcity is the situation that exists when there are not enough resources to meet human wants.
2.
FLASHCARD QUESTION
Front
What is an economic system?
Back
An economic system is the way in which a society uses its scarce resources to satisfy its people’s unlimited wants.
3.
FLASHCARD QUESTION
Front
What are the three basic economic questions?
Back
1. What should be produced? 2. How should it be produced? 3. For whom will it be produced?
4.
FLASHCARD QUESTION
Front
What are the three main types of economic systems?
Back
1. Traditional economies 2. Command economies 3. Market economies
5.
FLASHCARD QUESTION
Front
What is a traditional economy?
Back
A traditional economy is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs handed down from generation to generation.
6.
FLASHCARD QUESTION
Front
What is a command economy?
Back
A command economy is an economic system in which the government makes all economic decisions.
7.
FLASHCARD QUESTION
Front
What is a market economy?
Back
A market economy is an economic system in which individual choice and voluntary exchange direct economic decisions.
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