Economic Systems

Front

A type of economy where products, prices, and services are determined by the people, not the government is called the ________ system.

Back

Market

Front

Things you would like to have, but are not required to survive are called ____.

Back

Wants

Front

What is the study of the way we use goods and money?

Back

Economics

Front

Someone who buys or pays for a good or service

Back

Consumer

Front

What type of economy does the United States have?

Back

Mixed

Front

In what type of economic system does the government make ALL decisions regarding the production of goods, who produces them, and who will consume them?

Back

Command Economy

Front

North Korea's 4 wireless companies are owned by the North Korean government. This is an example of the _____ economic system.

Back

Command

Front

Which of the following correctly describes a traditional economy?

Back

Basic economic questions are answered based on ritual, habit, or custom.

Front

A combination of market and command economy is called a ________.

Back

Mixed Economy

Front

Which term means the limited supply of something?

Back

Scarcity