Economics 6th grade
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Three basic economic questions | (1) What goods and services will be produced? (2) How will goods and services be produced? (3) Who will consume the good and services?
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| traditional economy | the customs and traditions of the past are used to decide what and how goods will be produced, distributed, and consumed; no currency, bartering used instead; oldest system
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| market economy | also called free enterprise system or capitalism; economic decisions are guided by changes in prices that occur between buyers and sellers in the market place; US, UK
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| command economy | government planning groups make the basic economic decisions; Russia
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| mixed economy | an economy having characteristics of both market and command systems; all countries have mixed economies today. We use an economic continuum to show how countries compare in their economic freedom.
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| trade barriers | ways that countries protect their economies by limiting trade
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| tariff | a tax on imported goods
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| quota | a limit placed on the number of imports that can come into a country
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| embargo | a government order stopping trade with another country (the strongest form of trade barrier)
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| free trade zone | the European Union; a group of countries between which no tariffs are collected; in a free trade zone, goods can be purchased for a lower price
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| European Union | Europe’s free trade zone
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| euro | the common currency of the European Union
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| currency | money used in a country to make the exchange of goods easier; the US dollar
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| Russian ruble | Russia’s currency
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| British pound | UK’s currency
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| Gross Domestic Product | the amount of good and services produced in a country in one year
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| human capital | the education, training, skills, and health of workers
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| capital goods | also called physical capital; factories, machines, technologies, buildings, and properety needed by businesses to operate
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| literacy rate | number of people in a country who can read and write their own language
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| specialization | the division of labor; work is divided into parts for workers, factories, or countries to become experts are producing certain goods
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| entrepreneur | one who risks his or her own money, time, ideas, and energy to start and run a business
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Deigh
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