Economics vocab project

Economics is...

• trading without money

• how people make decisions with their resources

• conflict among people or civilizations

• people who make and sell goods

A traditional economy is...

• a combination of market and command economies

• the relationship between how many goods there are and who wants to buy them

• when customs and beleifs determine what to make and sell

• the shortage of supply

A command economy is...

• goods that are used to create additional goods

• where decisions are guided by the changes in prices when buyers and sellers interact

• something from nature people can use to make goods

• when the government determines all goods made, services provided, prices and wages

A mixed economy is...

• a combination of market and command economies

• conflict among people and civilizations

• the shortage of supply

• people who make and sell goods

trading without money is...

• Economics

• Bartering

• Traditional economy

• Supply and demand

The relationship between the amount of goods and the people willing to buy them is...

• scarcity

• capital resources

• supply and demand

• competition

The shortage of supply is...

• competiotion

• human resources

• command economy

• scarcity

where decisions are guided by the changes in prices when buyers and sellers interact is...

• market economy

• mixed economy

• natural resources

• economics

True or false: natural resources are something from nature people can use to make goods

• true

• false

True or false: human resources are goods used to create additional goods instead of sold

• true

• false