Economics

In a ______________ economic system, customs and traditions determine what and how to produce

• traditional

• market

• command

• mixed

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• market

• command

• mixed

What is a free market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

What type of economy does the United States have?

• traditional

• mixed

• command

• market

Which type of economy involves trading, and doesn't usually use money?

• traditional

• command

• mixed

• market

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

A farmer would fall under which economic activity?

• Primary

• Secondary

• Tertiary

____________ economic activities add value to raw materials by processing them or changing their form. Ex: wood being made into tables/furniture

• Primary

• Secondary

• Tertiary

not being able to meet all wants at the same time

• demand

• supply

• scarcity

What is Gross Domestic Product?

• Goods, services, and intermediate products bought by people in other countries.

• the total value of goods produced and services provided in a country during one year

• The amount of output the average worker can produce in an hour.