PEGS: Economies

Front

In a ______________ economic system, customs and traditions determine what and how to produce.

Back

traditional

Front

In a ______________ economic system, the government owns resources and controls production, prices, and wages.

Back

command

Front

Economy is...

Back

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Front

A consumer is...

Back

a person who purchases goods and services for personal use. Another name for a customer.

Front

A producer is...

Back

a person, company, or country that makes, grows, or supplies goods or commodities for sale.

Front

How would a free market economy be described? Options: An economy in which decisions are made by the government., The international exchange of goods., An economy based on supply and demand with little or no government control, An economy that is communist

Back

An economy based on supply and demand with little or no government control

Front

What type of economy does the United States have?

Back

Market (Free Enterprise)

Front

Which type of economy involves trading, and doesn't usually use money? Options: Command, Traditional, Market, Mixed

Back

Traditional

Front

Most countries have a mixed economy

Back

True

Front

If the government makes me produce 70 T-Shirts, what economic system is this?

Back

Command