Intro to Economics

A system in which people produce, sell and buy things is the definition of

• Scarcity

• Economy

• Bartering

• Capitalism

Something that is necessary for people to survive is called a

• Want

• Need

• Good

• Service

An economic system that is ran by business owners and customers with no involvement by the government is called

• A Traditional Economy

• A Command Economy

• A Free Market Economy

• A Mixed Economy

Something that is nice to have but not necessary is called a

• Need

• Want

• Good

• Service

A business that performs an action for someone, such as an auto mechanic or a delivery service is called what

• A retail business

• A farming business

• A factory business

• A service business

An economic system that is completely controlled by the government is called a

• Free Market System

• A Mixed System

• A Traditional Economy

• A Command Economy

An economic system that is based on family history and customs is called a

• Traditional economy

• Mixed Economy

• Command Economy

• Free Market Economy

The concept of practically all resources are limited is known as

• Economics

• Capitalism

• Scarcity

• Bartering

An economic system where private citizens and government work together to manage the economy is called a

• Traditional economy

• Market economy

• Command economy

• Mixed economy

The economy you are most likely to see in a Dictatorship such as North Korea is a

• Traditional economy

• Command economy

• Market economy

• Mixed economy