Economy and natural resources

Economy is...

• interrelated production and consumption activities.

• to buy and sell

• to produce good and services

An economy exists to satisfy its participants' needs.

• true

• false

Participants in economy are ...

• producer and sunsumers

• goods and services

Producers need ___________ and consumers need ___________

• Products - Money

• Money - Products

• Goods - services

In a market economy, the producer decides the ____________ they ask for their products and consumers how much they want to _______________.

• pay - price

• price - pay

• earn - leave

Other types of economy are...

• Mercator

• Mercator and comand

• Comand and traditional

Comand economy is when a government dictates all economic activities.

• True

• False

• none

Traditional economy is based on prior generations and how it works.

• True

• False

• None

Economics analyses the production, distribution and consumption of goods and services.

• True

• False

• None

Micro- economics DOES not study the interaction of individual consumers and firms.

• True

• False

• None