Economics Chapter 2

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

• Traditional 
• Market
• Command

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

• Traditional 
• Command 
• Market

_______ is another word for Market Economy. 

• Capitalism 
• Communism

What is GDP?

• The market value of the goods and services produced by a Country's economy and compare it to other countries
•  Grand Opening Procedure
• Germany Departing Poland 

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

In my country, the government tells me where to work.

• Traditional

• Command

• Market

__________ : when people want or need more of something than there is.

• Scarcity

• Profit

• Opportunity Cost

Which of these countries has an economy most similar to that of the former Soviet Union(Communism)?

• Sweden

• South Korea

• North Korea

system in which government owns and controls some factors of production

• Socialism

• Voucher

• GDP

system that has some combination of traditional, command, and market economies

• Communism

• Mixed economy

• La Ley

• IOS