Economic Systems

Which one is NOT an economic system?

• Market

• Mixed

• Command

• Barter

The situation exists when there is unlimited but not enough supply of a good or service is called _________.

• scarcity

• balanced budget

• globalization

• trade

When a country focuses on producing the goods and services that it can makes best and trading it for what it is unable to produce is known as _____________.

• globalization

• trade

• specialization

• economists

Match the economic systems to its characteristics or meaning.

• Centrally owned by the government

• Command economy

• Private sector, profit, and minimal gov.

• Traditional economy

• Customs, family, and historical basis

• Free Market

• Public and private sectors

• Mixed economy

___________ is the study of how decisions are made about how to allocate (distribute) limited resources in order to satisfy our unlimited wants.

• Economics

• Scarcity

• Trade

• Specialization

___________ occurs when a country focuses on producing the goods and services they can make best and trading for what they are unable to produce.

• Trade

• Specialization

• Scarcity

• Government control

Specialization and scarcity lead to _______ among individuals or organizations within a country, as well as individuals or organizations between other countries.

• economics

• deals

• trade

• globalization

Learning about trade allows you to study how people organize production, distribution, and consumption of goods; plus, it prepares you to understand ___________ (having to do with one's own country) and global issues.

• specialization

• trade

• domestic

• globalization

The development of an increasingly worldwide economy is known as ___________.

• specialization

• globalization

• trade

• domestic

Air to breathe, food to eat, water to drink, shelter to live in, and clothing are humans basic ______.

• wants

• products

• domestic issues

• needs