Economics Chapter 1

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Which type of economy is usually paired with a Communist government?

• Mixed
• Market
• Command
• Traditional

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

What is a free market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

Basic things humans need to survive

• want

• import

• need