PEGS: Economies

In a ______________ economic system, customs and traditions determine what and how to produce.

• traditional

• command

• market

• mixed

In a ______________ economic system, the government owns resources and controls production, prices, and wages.

• traditional

• command

• market

• mixed

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.
• Hallo

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. Another name for a customer

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.

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 (Communist)

• Market (Free Enterprise)

• Mixed (Socialist)

Which type of economy involves trading, and doesn't usually use money?

• Command
• Traditional
• Market
• Mixed

Most countries have a mixed economy

• True

• False

If the government makes me produce 70 T-Shirts, what economic system is this?

• Mixed
• Traditional
• Command
• Market