Economic Systems and Concepts

Front

The process of distributing resources or goods among people or groups, often determined by economic systems or policies.

Back

C. Allocation

Front

Level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Back

B. Standard of Living

Front

In what type of economy does the government decide whether houses or apartments will be built?

Back

B. command

Front

Which type of economy is most prevalent in the world today?

Back

A. mixed

Front

Which of these statements describes a disadvantage of a traditional economy?

Back

C. New ways of doing things are discouraged

Front

Which of these economic systems have the least in common?

Back

C. command economy and capitalism

Front

Match the economic system to the description: The government makes all economic decisions.

Back

B. Command/Socialist Economy

Front

Match the economic system to the description: Based on customs and traditions. Key factor is barter not money is the method of exchange for goods and services.

Back

A. Traditional Economy

Front

Match the economic system to the description: Consumers and privately owned producers make all economic decisions.

Back

C. Capitalism/Market Economy

Front

Match the economic system to the description: The most common economic system in the world. Both consumers and government make economic decisions.

Back

D. Mixed Economy