6th - SS Core Concepts 2.6 to 2.9 Study Guide

Question 0

How do economic systems differ in the roles of what groups?

Answer 0

Xxxx

Question 1

Competition among producers should help which group?

Answer 1

Consumers - affecting product price, quality and marketing

Question 2

What are the four basic types of economic systems?

Answer 2

Traditional, Market, Command, and Mixed

Question 3

A mixed economy is a combination of what two systems?

Answer 3

Market and Command

Question 4

Why do people and countries trade?

Answer 4

To get the products we need and want, we engage in trade.

Question 5

Who does trade benefit?

Answer 5

Both the buyer and the seller

Question 6

What is an example of a trade barrier?

Answer 6

Tariffs

Question 7

Why is it essential to manage money well?

Answer 7

Money is scarce resource that people must manage to have enough for their needs and wants. Because people’s needs, wants and income can change, it is important to plan ahead.

Question 8

In addition to helping people save money, what else do banks do?

Answer 8

Banks use deposits to make loans. Loans help people buy houses and business get started or grow. As a result, banks are a big part of economic growth.

Question 9

Safer investments = what type of return?

Answer 9

Lowest rates of return

Question 10

What type of trade involves exports and imports?

Answer 10

International Trade