Economic Test

1. An economy in which the government owns most of the industries and makes most of the economic decisions.

• Command

• Mixed Market

• Traditional

1. An economy in which consumers, help determine what to be produced by buying or not buying certain goods or services.

• Command

• Market

• Traditional

An economy that centers on families, clans, or tribe. The decisions are based on customs and beliefs.

• Market

• Mixed Market

• Traditional

______ is the study of the making, buying, and selling of goods or services

• Opportunity Cost

• Economics

• Government

______ is any kind of work performed for others

• Services

• Goods

• Supply

You purchase a game as a birthday gift. This is an example a _____

• Services

• Goods

• Supply

_____ is anyone who buys a good or a service.

• Consumer

• Supply

• Demand

Ford is a company that makes cars. This is an example of a _____

• Consumer

• Producer

• Supply

______ is the process of choosing one good or service over another.

• Supply

• Demand

• Opportunity Cost

______ is when an individual or a company is doing one part of a task, and relies on others to complete the other parts

• Specialization

• Interdependence

• Trade Barrier