The Market Economy

Front

Where does selling and buying take place? Options: Market, Innovation, Competition

Back

Market

Front

What does competition lead to? Options: Innovation, Resources, Economy

Back

Innovation

Front

What is the process of developing newer, better things? Options: Innovation, Competition, Market

Back

Innovation

Front

Which type of economy exists in primitive cultures where the focus is on providing food? Options: Command economy, Market economy, traditional economy

Back

traditional economy

Front

What does the kind of economy of a country determine?

Back

How the resources get distributed to the people

Front

Who is someone who acquires goods and services for his or her own personal use?

Back

consumer

Front

What is the benefit of you give up by choosing to do one thing instead of another?

Back

opportunity cost

Front

Does competition drive prices up or down?

Back

Down

Front

Who is someone who makes goods or offers services to others? Options: Consumer, Producer, Government

Back

Producer

Front

What is it called when producers battle over who can make the most profit?

Back

Competition