Core Concepts 5

1.) Which type of economic system has the highest level of government control? (pages 62-63)

• Traditional economy

• Market economy

• Command economy

2.) Most societies have which type of economic system? (pages 62-63)

• Traditional economy

• Market economy

• Mixed economy

3.) Which describes the type of buying and selling that takes place within a country? (pages 66-67)

• Free trade

• International trade

• Domestic trade

4.) Where do producers and consumers exchange goods and services? (page 60)

• In a revenue

• In specialization

• In a market

5.) Why must people manage their money? (page 68)

• So they can save everything and not spend anything

• So they can invest all of their money

• So they have enough for their needs and wants

6.) __________ is the desire for a certain good or service. (page 59)

• Demand

• Profit

• Market

7.) A(n) __________ is an organized way for producers and consumers to trade goods and services. (page 60)

• market

• revenue

• trade

8.) __________ is the money a company has left after subtracting the costs of doing business.(page 60)

• Profit

• Free Trade

• Stock

9.) The money earned by selling goods and services is called __________. (page 60)

• revenue

• stock

• budget

10.) An economy in which people make economic decisions based on their customs and habits is a __________. (page 62)

• traditional economy

• command economy

• mixed economy