Economics Summative Review

_____ is the study of how people manage limited resources to satisfy their wants and needs.

• Economics

• Supply

• Demand

• Business Plan

In this type of economy, economics decisions are made by individuals and businesses.

• Traditional

• Command

• Market

In this type of economy, people barter to obtain goods and services they need.

• Traditional

• Command

• Market

In this type of economy, the government makes all of the economic decisions.

• Traditional

• Command

• Market

In this type of economy, technology and money do not play a significant role.

• Traditional

• Command

• Market

In this type of economy, there is no competition between businesses.

• Traditional

• Command

• Market

In this type of economy, jobs usually relate to the family or are passed down by the parents to their children.

• Traditional

• Command

• Market

In this type of economy, businesses are not created to make a profit, only to meet a quota.

• Traditional

• Command

• Market

In this type of economy, businesses compete with each other to make a profit.

• Traditional

• Command

• Market

In this type of economy, supply and demand help businesses earn a profit.

• Traditional

• Command

• Market