Culture, Economic and Government



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Economics and Personal Finance Study Guide

1. In a Traditional Economy:

a. Who determines how goods and services will be produced?

b. Who determines what goods and services will be produced?

c. Who will consume the goods and services?

2. In a Command Economy:

a. Who determines how goods and services will be produced?

b. Who determines what goods and services will be produced?

c. Who will consume the goods and services?

3. In a Market Economy:

a. Who determines how goods and services will be produced?

b. Who determines what goods and services will be produced?

c. Who will consume the goods and services?

4. What is a Mixed Economy?

5. How is a command economy different than a market economy?

6. Who makes the economic decisions in a market economy?

7. Who controls what is being produced in a command economy?

8. How do economists measure a country’s economy?

9. Which type of economy is also known as capitalism?

10. What are 3 examples of trade barriers?

11. How would one country placing a quota on imports affect trade?

12. What is a trade embargo?

13. What is an entrepreneur?

14. What is the GDP of a country?

15. How can a country raise its GDP?

16. Which type of trade barrier involves a limit on goods brought into a country?

17. What is an example of an investment in human capital?

18. Why do people have to exchange currency?

19. What is spending more than you make called?

20. Why is investing money sometimes risky?

21. What are 3 reasons people sometimes need to borrow money? (see PPT for examples)

22. What is credit worthiness?

23. What is a benefit of putting money into savings account verses just saving it at home?

24. How does planning a budget help you to spend and save your income wisely?

25. How could a person build a good credit history?

***** Know ALL Economic and Personal Finance Vocabulary!!

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