2021 Economies

What type of economy is a system that relies on customs, traditions, bartering, and time-honored beliefs?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What type of economy is where all economic decisions are made by the government?

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

What type of government is the system based on free enterprise, choice, competition, and no gov’t involvement; no example of this today?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

What type of economy is a combination of market and command economies?

• Mixed economy

• Market economy

• Command economy

• Traditional economy

What term means things or objects that meet people's needs?

• goods

• services

• producer

• consumer

What term means activities that meet people's needs?

• goods

• services

• producer

• consumer

What term means a person who makes goods or provides services?

• goods

• services

• producer

• consumer

What term means a person who buys goods or services?

• goods

• services

• producer

• consumer

Resources used to produce goods and services, like a factory, farm, or human labor

• Factors of Production

• Demand

• Supply

• Goods

Desire of customers to buy or use something

• demand

• supply

• producers

• services