Economics

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

The study of how people make decisions given the resources that are provided to them.

• Economics
• Command Economy

My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.

• Supply for the Nikes are was hight but the demand was low.
• Supply for the Nikes was low but demand was high.

What type of economic system does the US have?

• Market
• Command
• Traditional 

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource

a good made in another country and brought into the United States

• import

• scarcity

• supply

• spending

A good made in the United States and sent to other countries

• export

• consumer

• savings

• taxes

not having enough

• scarcity

• supply

• human resouce

• taxes

In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy