Economic Vocabulary Practice

Which is the definition of "Economic Systems"?

• A way to make money.

• The way society organizes the production and consumption of goods and services.

• When producers compete with each other to offer the best deal.

• Buying of goods and services.

Choose which of the following are examples of "goods"

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Which definition best describes an economic "service"

• Helping someone else

• A material object produced for sale

• Producer's competing for more customers

• A useful job that doesn't produce something physical/material

Choose which of the following are examples of "Services"

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What does an economic "consumer" do?

• Eats food

• Provides a service

• Makes things

• Buys goods or services

What does an economic "producer" do?

• It's a part of the 1st level in the food chain

• They provide a good or service for consumers

• They buy goods or services

• They work in factories all the time

Economic "competition" can be defined as: Producers compete with each other to attract _____

What is the definition of "Command Economy"?

• People make decisions based on their customs and habits.

• Central government makes all basic decisions.

• Consumers and producers make all decisions.

• A mix of traditional, command and market economies.

What is the definition of "Market Economy"?

• The central government makes all basic decisions.

• Producers and consumers make all decisions.

• A mix of traditional, market and command economies.

• Decisions are made based on customs and habits.

What is the definition of a "Mixed Market Economy"?

• Decisions are made based on customs and habits.

• A combination of market, command and traditional economies.

• Central government makes all basic decisions.

• Producers and consumers make all decisions.