Types of economies

Economy is...

• make (something needed or wanted) available to someone; provide
• the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
• arrange for (a room, seat, ticket, etc.) to be kept for the use of a particular person and not given to anyone else.
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CCSS.RI.6.4

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A consumer is... 

• monkey
• the economic factors affecting the price, demand, and availability of a commodity.
• somebody who takes away stuff
• a person who purchases goods and services for personal use.

A producer is...

• a person, company, or country that makes, grows, or supplies goods or commodities for sale.
• A person
• Mars
• the state of being scarce or in short supply; shortage.

An incentive is...

• trouble or difficulty caused to one's personal requirements or comfort.
• a thing that motivates or encourages one to do something.
• a payment or concession to stimulate greater output or investment.
• a policy of extending a country's power and influence through diplomacy or military force.

An incentive is...

• trouble or difficulty caused to one's personal requirements or comfort.
• a thing that motivates or encourages one to do something.
• a payment or concession to stimulate greater output or investment.
• a policy of extending a country's power and influence through diplomacy or military force.

Opportunity Cost is...

• the loss of potential gain from other alternatives when one alternative is chosen.
• the formation of a word from a sound associated with what is named (e.g., cuckoo, sizzle ).
• make changes in something established, especially by introducing new methods, ideas, or products.
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Scarcity is...

• measuring a small distance from end to end.
• the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
• (especially of food, money, or some other resource) insufficient for the demand.
• make (something) on a large scale using machinery.

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

What type of economy does the United States have?

• Traditional
• Command
• Unlimited
• Market

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

• Traditional 
• Mixed 
• Market
• Command