Economic Systems

In this type of economy everyone provides for themselves or trades for what they cannot make.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy businesses set prices and compete for consumers.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy businesses set prices and compete for consumers for some things, but the government regulates other parts of the economy.

• traditional economy

• command economy

• market economy

• mixed economy

In this type of economy, the government makes economic decisions about production, prices, etc.

• traditional economy

• command economy

• market economy

• mixed economy

Something you must have for survival

• want

• need

• Jordans

Something you would like to have

• want

• need

• food

An Amazon delivery truck is what type of resource?

• natural

• human

• capital

An Amazon delivery truck driver is what type of resource?

• natural

• human

• capital

A bunch of bananas delivered by an Amazon delivery truck is what type of resource?

• natural

• human

• capital

When you give something up for something else, another choice, it is

• similar to a trade off

• opportunity cost

• Both of these are basically true