Economic Vocabulary

Also known as Communism or Communist economy. This is where government ownership of all industries and businesses

• command economy

• market economy

• free enterprise

• socialist economy

Also known as: free enterprise economy. Producers (people who make things) provide things based on consumers (buyers) demands

• command economy

• market economy

• socialist economy

• mixed economy

refers to the sale of goods individually or in small quantities to consumers

• service industries

• agriculture

• retail sales

• factories

refers to the production of goods by manual labor or by machinery

• retail sales

• wholesale products

• manufacturing

• agriculture

refers to the cultivation of land or ranching

• agriculture

• retail sale

• wholesale products

• service industries

government ownership of industries that are considered to provide essential services, such as health care, utilities, energy, and banking

• market economy

• free enterprise

• communist economy

• socialist economy

growing coffee would be an example of what kind of economic activity?

• retail sale

• agricutlure

• manufacturing

• service industry

making of cars in a factory would be an example of what kind of economic activity?

• agriculture

• manufacturing

• wholesale products

• retail sale

Selling snow cones would be an example of what kind of economic activity?

• retail sale

• agriculture

• service industry

• healthcare service

Government owns a shoe store would describe which kind of economy?

• market economy

• command economy

• socialist economy