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

The way that a country distributes economic resources, goods, and services

Resources are distributed based on custom and tradition

Resources are distributed by some combination of traditional, market, and command systems use

Resources are distributed by the government or other central authority

Resources are distributed by individuals

Three questions answered by every economic system…

Name three countries that have a traditional economy

Name four countries that have a market economy.

Name three countries that have a command economy

Name three countries that have a mixed economy

A tax on imported goods

To sell a product to someone in another country

To buy a product from someone in another country

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

A limit on the quantity of imports

When trading is done between people living in different countries, or between countries

Countries that have little industry

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