Market and Economics

Traditional economy is economic decisions based on ..

• customs and goods

• goods and services

• customs and beliefs

• traditions

Market economy is economic decisions made by

• consumers and producers

• government

• consumers

• producers

Command economy is economic decisions made by

• the people

• the government

• the biggest companies

• students

Mixed economy is

• mix of traditional and market economy

• a combination of all three economies

• a mix of people's feelings

• a combination of market and command economies

In a market economy, prices for goods and services and based on

• supply and demand

• supply

• supply and services

• demand

Market is a place where __________ and _____________- can meet for the transaction of goods and services

• men and women

• children and adults

• consumers

• buyers and sellers

Economy is the way a country manages the distribution of their ..

• people

• resources

• land

• environment

Businesses provide goods and services that meet consumers ..

• dreams

• dreams and wants

• needs and wants

• needs and dreams

A book is an example of a

• good

• service

Going to the hairdressers is an example of a

• good

• service