This type of economy is vulnerable (easily hurt) to changes, such as weather, and lacks modern advances.

Pros for this type of economy include maintaining traditions and the importance of each member in society.

Areas where this type of economy are found today include Mali and some parts of the Middle East and Asia.

In this type of economy the government controls the economy. It makes all economic decisions.

This type of economy can be found in North Korea, China, and the old Soviet Union (USSR).

Drawbacks to this economy include lack of innovation (new ideas) and the fact that people tend to reject this system over time.

There is no private ownership in a pure form of this economy.

In a pure form of this economy, there is zero government involvement.

In this economy, production is determined by supply and demand.

False (A pure form will not last long)

True or False. A market economy has no drawbacks/cons.

This economic form is a combination of other types of econmies, primarily command and market.

This type of economy is found in the U.S., Mexico, and Japan.

A pro for this economic form is that it allows for freedom and innovation (new ideas).

Drawbacks to this economy include taxes, disputes, and large gaps in wealth distribution.

A system of producing buying, and selling goods and services.

This economic term refers to when there are not enough resources to meet people's wants.

Gross Deomestirc Product (GDP)

Theis term referes to the value of all goods and services produced within a country in a single year.

The government owns all factors of production with no private property. It is closest to a command economy.

Consumers buy the goods and services they like best and private ownership is allowed. It is closest to a market economy.

The government controls some of the basic industries and services that are important to a nation.

Which of the following countries is a good example of socialism? Sweden -- United States --China

Which of the following countries is a good example of capitalism? Sweden -- United States --China

This type of economy is found in predominantly rural areas and only produces enough to survive.

Which of the following countries is a good example of communism? Sweden -- United States --China

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Economies

6th Social Studies

Term	Definition
Traditional economy	This type of economy is vulnerable (easily hurt) to changes, such as weather, and lacks modern advances.
Traditional economy	Pros for this type of economy include maintaining traditions and the importance of each member in society.
Traditional economy	Areas where this type of economy are found today include Mali and some parts of the Middle East and Asia.
Command economy	In this type of economy the government controls the economy. It makes all economic decisions.
Command economy	This type of economy can be found in North Korea, China, and the old Soviet Union (USSR).
Command economy	Drawbacks to this economy include lack of innovation (new ideas) and the fact that people tend to reject this system over time.
Command economy	There is no private ownership in a pure form of this economy.
Market economy	In a pure form of this economy, there is zero government involvement.
Market economy	In this economy, production is determined by supply and demand.
False (A pure form will not last long)	True or False. A market economy has no drawbacks/cons.
Mixed economy	This economic form is a combination of other types of econmies, primarily command and market.
Mixed economy	This type of economy is found in the U.S., Mexico, and Japan.
Mixed economy	A pro for this economic form is that it allows for freedom and innovation (new ideas).
Mixed economy	Drawbacks to this economy include taxes, disputes, and large gaps in wealth distribution.
Economy	A system of producing buying, and selling goods and services.
Scarcity	This economic term refers to when there are not enough resources to meet people's wants.
Gross Deomestirc Product (GDP)	Theis term referes to the value of all goods and services produced within a country in a single year.
Communism	The government owns all factors of production with no private property. It is closest to a command economy.
Capitalism	Consumers buy the goods and services they like best and private ownership is allowed. It is closest to a market economy.
Socialism	The government controls some of the basic industries and services that are important to a nation.
Sweden	Which of the following countries is a good example of socialism? Sweden -- United States --China
United States	Which of the following countries is a good example of capitalism? Sweden -- United States --China
Traditional economy	This type of economy is found in predominantly rural areas and only produces enough to survive.
China	Which of the following countries is a good example of communism? Sweden -- United States --China

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