6th - SS Core Concepts 2.6 to 2.9 Study Guide Flashcards
How do economic systems differ in the roles of what groups?
Xxxx
Competition among producers should help which group?
Consumers - affecting product price, quality and marketing
What are the four basic types of economic systems?
Traditional, Market, Command, and Mixed
A mixed economy is a combination of what two systems?
Market and Command
Why do people and countries trade?
To get the products we need and want, we engage in trade.
Who does trade benefit?
Both the buyer and the seller
What is an example of a trade barrier?
Tariffs
Why is it essential to manage money well?
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.
In addition to helping people save money, what else do banks do?
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.
Safer investments = what type of return?
Lowest rates of return
What type of trade involves exports and imports?
International Trade
