Economics Review

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

A person who makes goods or provides a service 

• goods 
• service producer 
• producer
• consumer 

Trading something for something else - no currency involved

• demand
• barter
• goods
• market

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The using up of a resource

• scarcity
• supply
• services
• consumption

When one makes an economic decision, (like buying new shoes), in favor of purchasing something else, (like a meal at a restaurant), what they give up is  ______________

• an opportunity cost
• a capital resource
• an economic bargain
• a fair deal

The buying and selling of goods and services based upon supply and demand, describes a ___________________________

• market economy
• household
• factory

What types of economies are described in the chart?

• 1- Traditional 
  2 – Mixed Market
• 1- Command
  2– Mixed Market
• 1- Mixed Market
  2- Command
• 1- Free market
  2- Traditional