Review 1

Which type of economy exists in primitive cultures where the focus is on providing food?

• Command economy
• Market economy
• traditional economy

What does the kind of economy of a country determine?

• The kind of government that a country has
• The amount of people who live in a country
• How the resources get distributed to the people

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

• producer
• consumer
• market economy

Who is someone who makes goods or offers services to others?

• Consumer
• Producer
• Government

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

• Innovation
• Scarcity
• Competition

What refers to the entire activity of buying and selling that takes place out in the world?

• consumer
• market
• innovation

What is the financial gain received by selling something for more than it cost to make it?

• competition
• consumer
• profit

What type of economy is when the government decides what is produced and how much goods will cost?

• command economy
• traditional economy
• market economy

What is the term for the way goods and services are produced and consumed?

• competition
• economy
• market

In which economy does the government own property?

• market economy
• command economy
• traditional economy