Economics Review

An economy where supply and price are regulated by the government rather than market forces.

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

An economic system allows private economic freedom, but also allows for governments to interfere.

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

An economy in which communities use ancient tools and methods to harvest and hunt for food.

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

System in which economic decisions are guided by citizens and businesses and there is little government intervention.

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

The United States has a

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

Refers to the amount of a good or service that people are both willing and able to buy

• supply

• capital

• demand

• scarcity

The amount of a good or service available at any particular PRICE

• supply

• capital

• demand

• scarcity

According to the law of demand, when the price goes down, consumers will buy _____ of that product.

• more

• less

• the same amount

According to the law of supply, when the price goes up, companies will produce _____ of that product.

• more

• less

• the same amount

Shortage; limited supply

• supply

• demand

• scarcity

• market