Biztown Community and Economy 3

An economic system where the government decides what, the price of, and how much goods and services to produce.

• command economy

• free enterprise

• mixed economy

• producer

A system in which economic decisions are made by people and businesses, with little government influence.

• command economy

• free enterprise

• mixed economy

• producer

An economic system that is part free market and part government controlled.

• command economy

• free enterprise

• mixed economy

• producer

A person who creates or supplies goods or services.

• command economy

• free enterprise

• mixed economy

• producer

An economic system where people use traditions or social customs to decide what, how, and for whom to make goods and services.

• product

• prototype

• profit

• scarcity

• traditional economy

A condition in which people cannot have everything they want because of limited resources.

• product

• prototype

• profit

• scarcity

• traditional economy

The amount of money left after all business expenses have been paid.

• product

• prototype

• profit

• scarcity

• traditional economy

A model or sample of a product to be produced.

• product

• prototype

• profit

• scarcity

• traditional economy

A good produced and offered for sale.

• product

• prototype

• profit

• scarcity

• traditional economy