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Entrep - Econ Systems Vocab

Authored by Rachael Baudendistel

Business

9th - 12th Grade

Used 9+ times

Entrep - Econ Systems Vocab
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a social science concerned with how people satisfy their demands for goods (things you can buy) and services (things that people do for you for a fee) when the supply of those goods and services are limited

economics

command economy

industry

NAICS

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The flow of goods and services between people

economy

market economy

economics

mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there are not enough goods or services to meet demand

scarcity

supply

command economy

economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A system used by a society to allocate goods and services among its people and to cope with scarcity

supply

industry

economy

economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The government controls the production, allocation, and prices of goods and services.

Command economy

Market economy

Mixed economy

local economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppliers and consumers control the production, allocation, and prices of goods and services.

Command economy

Market economy

Mixed economy

local economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Blends elements of the command system and the market system

command economy

market economy

mixed economy

local economy

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