Unit 3 Pre/Post Assessment

People's desires that can be satisfied by consuming goods and/or services...

• economic wants
• economic resources
• scarcity
• specialization

Human, natural, and capital resources used to produce a good or provide a service (also called productive resources). 

• economic wants 
• economic resources 
• scarcity
• specialization 

Resources are limited...

• scarcity 
• specialization 
• economic wants 
• economic resources

People focus on a few things instead of making everything they want by themselves- results in better quality, quantity, and speed. 

• economic wants 
• economic resources
• scarcity
• specialization

People, businesses, and nations depend on the goods and services of others to satisfy the wants they cannot satisfy on their own. 

• interdependence
• market
• money currency 
• specialization

Any place or system that allows buyers and sellers to exchange and services. 

• interdependence 
• market
• money currency 
• economic wants

A medium of exchange used to buy and sell resources, goods, or services. It has a standardized value and can be stored for future use. 

• market
• interdependence 
• money currency 
• specialization

System in which economic decisions are made by individuals, businesses, and government. 

• Traditional System 
• Market System 
• Command System  
• Mixed System 

A system in which individuals and businesses make the most of the major decisions about production and distribution of goods and services. 

• Traditional System 
• Market System 
• Command System 
• Mixed System 

System in which a central authority makes most of the major decisions about production and distribution of goods and services. 

• traditional economic system 
• market economic system
• command economic system 
• mixed economic system