Wrk Sht Economic Systems Circular flow

Economics Worksheet Economic Systems and Circular Flow

Write the word or phrase next to its definition

Hourly Wage Automation Specialization Traditional Economy

Agribusiness Human Capital Command Economy Market Economy

Productivity Salary Mixed Economy Assembly line

_____________________ 1. In this economics system, the basic questions are answered according to tradition.

_____________________ 2. In this economics system, the basic questions are answered by the government.

_____________________ 3. In this economics system, the basic questions are answered by the people.

_____________________ 4. In this economics system, the basic questions are answered by the government and people.

_____________________ 5. This is when your pay is a fixed amount, usually based on a yearly amount.

_____________________ 6. This is when you are paid based on how many hours you work.

_____________________ 7. Using computers to control factory operations and robotics, without direct human control.

_____________________ 8. When products are produced their parts being added sequentially by specialized workers.

_____________________ 9. Term for businesses involved in food production, IE: farming, farm equipment, seeds, etc.

_____________________ 10. Term that refers to the skills, knowledge, and technical abilities of people.

Define, or determine between, the following words or terms 11. Mass Production _____________________________________________________________________________ 12. Robotics ___________________________________________________________________________________ 13. Factory ____________________________________________________________________________________

Short Answer

14. Explain Division of Labor and Specialization. ______________________________________________

______________________________________________________________________________________

15. Explain the difference between renewable natural resources and nonrenewable natural resources.

______________________________________________________________________________________

______________________________________________________________________________________

16. In the chart below list and describe the general characteristics of White and Blue collar workers/jobs.

White Collar

Blue Collar

17. Explain the difference skilled and unskilled workers. ________________________________________ ______________________________________________________________________________________ 18. Explain the difference between innovation and invention _____________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________

Economics 04/30/14

Circular Flow Model

Graphing In the space below complete the circular flow model Include All four factors of production, and how they are paid for; the rings where goods and services, and payment for them are; and where the rings for resources are, and where the ways they are paid for are located.

Economics 04/30/14

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