Chapter 4 Section 5

Production and exchange of goods and services among a group of people

• Economy

• Democracy

• GDP

• Commercial Business

List the 4 basic types of economic systems (TCMM)

Goods and services traded without exchange of money

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Production of goods and services determined by central government, usually owns the means of production

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Combo of command and market economy, provide goods and services so that all people will benefit

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Natural resources are placed into 3 basic types:

• Renewable, Non-Renewable, Wind

• Non-Renewable, Inexhaustible Energy Sources, Non-Existent

• Renewable, Non-Renewable, Inexhaustible Energy Sources

• Renewable, Replaceable, Reproduced

Fossil fuels like petroleum, coal, natural gas are examples of RENEWABLE RESOURCES.

• True

• False

Solar, wind, water are examples of INEXHAUSTIBLE ENERGY SOURCES

• True

• False

The more sophisticated the ______, the more developed the country.

Total value of goods and services produced by a country over a year or some specified period of time

• GNP

• GDP

• CBD

• ABC