Economic Terms

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

What is scarcity?

• When there is a small amount of something available.
• A large amount of an item available.
• Scary things that happen in the economy.
• This is not part of an economy.

What is supply?

• The want or need from consumers in an economy.
• Supply is not part of an economy.
• The amount of something available.
• To trade without using money.

What is demand?

• The amount of an item available to consumers.
• A good or service that is grown and then sold.
• How much consumers want something.
• Demand is only on TV.

What are natural resources?

• People who make and sell your products.
• Things found in nature used to make a product.
• Goods made and used to produce other goods and services.
• Nature is a beautiful place.

A product sent to another country to be sold

• import 
• export