Core Concepts 5 Review

Do you like the being back to the 45 minute schedule?

• Yes

• No

• Kind of

An economy in which people make economic decisions based on their customs?

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

An economy in which the central government makes all the economic decisions.

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

An economy that combines elements of traditional, market, and command economic systems.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

An economy in which individual consumers and producers make economic decisions.

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which is NOT a Basic Economic Question?

• What goods and services should be produces?

• How should goods and services be produced?

• Who uses or consumes these goods and services?

• What should I buy at the store?

What is the definition of Producer?

• People or businesses that make and sell products

• People or businesses that buy, or consume, the product

What is the definition of Consumer?

• People or businesses that buy, or consume, the product

• People or businesses that make and sell products

What is the definition of Demand?

• The desire for a certain good or service

• The amount of a good or service that is available for use

What is the definition of Supply?

• The amount of a good or service that is available for use

• The desire for a certain good or service

• A factor that makes people act a certain way

• Winning a competition