17.1 Vocabulary Quiz

An economy in which businesses and individuals make the major economic decisions, but in which the government plays a role

• mixed market economy
• market economy
• command economy
• traditional economy

An economic system in which the government makes the major economic decisions

• command economy
• mixed market economy
• traditional economy
• market economy

An economic system in which people and businesses own all resources and make economic decisions on the basis of price

• market economy
• command economy
• mixed market economy
• traditional economy

An economic system in which major economic decisions are based on custom or habit

• traditional economy
• command economy
• mixed market economy
• market economy

A nation's way of producing the things its people want and need

• economic system
• market economy
• economics
• traditional economy

Not having enough resources to satisfy all one's needs and wants

• scarcity
• resource
• wants
• economic system

Anything that can be used to make goods or services

• resource
• wants
• scarcity
• traditional economy

The study of how people use limited resources to satisfy unlimited wants

• economics
• traditional economy
• scarcity
• market economy

Things people would like to have

• wants
• resource
• scarcity
• economics