11/4 Econ vocab

Front

Oldest economic systems: __________ economies.

Back

Traditional

Front

In a traditional economic system, __________ is inherited.

Back

land

Front

Traditional economies rely on __________ to meet citizens' needs.

Back

farming and agriculture

Front

Person who buys a good or service

Back

Consumer

Front

Things are bought and sold freely

Back

Market Economy

Front

Exchange of one good/service

Back

Trade

Front

Something done for others for money

Back

Service

Front

Government controls goods and services production.

Back

Command Economy

Front

Not enough of something needed or wanted

Back

Scarcity

Front

A person who makes a good or provides a service

Back

Producer