Economics Vocabulary Quiz 1

an economy in which private individuals and not the government set prices, and own resources and land.

• capitalism

• command economy

• mixed economy

• communism

something you can feel or any kind of merchandise (something you buy)

• service

• goods

• economics

• scarcity

the amount of something available for use

• goods

• supply

• demand

• service

how much of a product or service is wanted by buyers

• supply

• goods

• demand

• economics

a limited supply of something

• goods

• demand

• scarcity

• service

the study of making, buying, and selling goods and services

• capitalism

• economics

• communism

• socialism

any kind of work performed for others

• goods

• supply

• demand

• service

all economic decisions are based on customs, traditions, and beliefs of the past

• traditional economy

• command economy

• market economy

• mixed economy

all economic decisions are made by the government

• traditional economy

• command economy

• market economy

• mixed economy

economic decisions are made based on the changes in prices that occur and buyers and sellers interact in the marketplace

• traditional economy

• command economy

• market economy

• mixed economy