Economics Terms

The wealth of a place as a result of its production and consumption of goods and services...

• economy

• economic system

• market economy

• supply and demand

a large supply of valuable things is...

• goods

• supply

• wealth

• services

Production is...

• the actions of using or purchasing resources

• the action of making something

• actions performed by people to satisfy other's wants and needs

• the manner in which goods and services are produced, distributed, and consumed

merchandise or products that are sold in markets to satisfy people's wants and needs are...

• wealth

• production

• services

• goods

actions performed by people to satisfy other's wants and needs are...

• wealth

• services

• goods

• the economy

consumption is...

• the action of making something

• a large supply of valuable things

• the actions of selling resources

• the actions of using or purchasing resources

In a command economy, production and consumption of goods and services are usually determined by...

• everyday individual citizens

• private business owners

• a central planning group

• no one-- there is little planning in command economies

True or false? In a market economy, there is little to no central planning.

• True

• False

In a market economy, production and consumption of goods and services happens due to daily interactions between...

• governments and central planning groups

• citizens and businesses

• citizens and the military

• central planning groups and businesses

The manner in which goods and services are produced, distributed, and consumed in a given society or area is...

• a market economy

• the economy

• supply and demand

• an economic system