Economies

Which one is a good?

• iPhone

• fixing a car

• making food

Which one is a service?

• snowboard

• babysitting

• Chromebook

In a market economy, _________ decide what to make and how to make it.

• companies and people

• government

In a command economy, _____ decides what to make and how to make it.

• government

• people and companies

In a traditional economy, many people do the job their parents did.

• true

• false

In which economy do people hunt, fish, and trade?

• traditional

• command

• mixed

An economy that is mostly run by companies and people, but has some government regulation is called

• command

• mixed

• market

When you have a large supply of a good, the price is usually

• low

• high

The government owns all the companies in a country. It decides how much everything costs and who can buy it. This is a _________________ economy.

• command

• market

• traditional

You can start a business and decide what you want to make, how much it will cost, and who your customers will be. There are no rules. You live in a ___________ economy.

• traditional

• market

• command