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GSE 6th Grade SSGE10

Georgia Standards of Excellence SS6E10 Remediation Review

QuestionAnswer
The _________________ model is historically associated with small-scale economies. Traditional
It is a system in which the decision of what to produce/provide, as well as how to distribute or consume it, is based on _______________ and ______________. Custom and Habit
Economic roles tend to be ____________, which is to say inherited or generational (i.e., a family of carpenters will have children who grow up to be carpenters.) Static
This model does not provide for large scale economic growth and is frequently _________________ in nature. Subsistent
__________________ is another feature characteristic of traditional economies. Bartering
The ______________ model is one in which the government of a nation makes all the economic decisions. Command
This includes _________________ ownership of land and resources, as well as government control of major industries (i.e., transportation, energy, et al.) Government
It can also include government assignment of jobs, ___________ controls, and requisite _______________quotas Wage, Production
Command economies tend to ____________ entrepreneurship and free enterprise to maintain economic stability. Stifle
The _______________ (or capitalist) model places economic decisions in the hands of the people. Market
The law of ___________________ dictate what goods/services are produced/provided, at what price, etc. Supply and Demand
This model encourages __________________ but can be economically unstable in that its success depends upon the capacity of businesses to adapt their products/services to the ever changing wants/needs of consumers. Entrepreneurship
_________________ – a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange Bartering
______________________ – an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom Command Economy
______________________ – the capacity of private citizens to create new businesses independent of government direction or intervention Entrepreneurship
______________________ – the creation, maintenance, and expansion of businesses outside the control or influence of the government. Free Enterprise
______________________ – the required amount of a specific good that must be produced in a given time frame Production Quota
___________________ – producing only what is necessary for personal use/survival Subsistence
______________ – term for one’s financial earnings Wage
No world economy is purely market or command in nature. As such, it is more accurate to characterize an economy as market-leaning or command-leaning on the __________________________. Economic Continuum
All modern world economies can be described as _______________ economies in that they mix market and command (as well as traditional elements) principles in various ratios to suit their national interests. Mixed
_______________________ – a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) Economic Continuum
The economy of Australia may be described as mostly ________________-leaning. Market
Unlike most industrialized nations, Australia has not experienced an economic _______________ in over two decades. Recession
Government deregulation of financial and labor markets, coupled with reductions in _____________________, has made Australia one of the most economically vibrant nations in the Asia-Pacific region. Trade Barriers
Australia’s _____________ industries and __________________ are some of the most highly sought after in the region, as are its mining and agricultural exports. Australia’s government strongly protects business and property rights. Service, Technologies
__________________ – reduction of government oversight and/or influence in a given sector of the economy Deregulation
__________________ - a period of economic decline due to lagging trade and/or reduced industrial activity Recession
____________________ – any activity which slows or outright blocks the free exchange of goods and services between nations Trade Barrier
Created by: cheeseshark18