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Review for 7th Grade EOG

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Traditional   Economic activities are usually centered toward the family, tribe, or ethnic group  
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Traditional   Resources are allocated based on inheritance  
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Traditional   Farming, hunting, and gathering are done largely in the same fashion as the generation before  
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Traditional   Choices are determined by environment  
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Traditional   Little or no use of technology  
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Command   The government or other central authority makes all economic decisions  
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Command   Individuals have little, if any, influence over economic functions  
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Command   Resources are owned by the government  
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Command   There is no competition; the purpose of business is to provide goods and services, not to make a profit  
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Command   Factories are concerned with quotas  
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Command   Consumers have few, if any, choices in the market place  
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Command   The government sets the prices of good and services  
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Market   Economic decisions are made by individuals competing to earn profits based on supply and demand  
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Market   Resources are owned by individuals  
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Market   Profit is the motive for increasing work  
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Market   Competition determines price and increases the quality of products  
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Market   Individual freedom is considered very important; individuals have freedom to make economic decisions  
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Market   Also called “capitalist” economy  
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Created by: tlblack
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