World Economies

An economy based on customs and traditions. Roles typically passed down from one generation to the next.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

An economy where the government makes all economic decisions.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

An economy where private businesses exist in combination with government regulation.

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Economy in which individuals and producers make all economic decisions. No government regulations

• Mixed Economy

• Traditional Economy

• Command Economy

• Market Economy

Who are people / businesses that make and sell goods or services?

• Producers

• Consumers

Who are the people or businesses that buy / consume goods and services?

• Producers

• Consumers

What is the study of how people meet their wants and needs?

• History

• Geography

• Sociology

• Economics

Which of the following includes money and human-made goods like machinery and buildings?

• Land

• Labor

• Capital

Which best describes physical products such as food, shirts, and televisions.

• Serivces

• Labor

• Land

• Goods

What is 'work that people do?'

• Profits

• Labor

• Land

• Goods