Econ Unit #1

Even though the U.S. is not this type of economy, we use many characteristics of this economy. For example, competition

• Free Market

• Command

• Traditional

• Mixed

The government and private business owners share decision making.

• Free Market

• Command

• Traditional

• Mixed

Consumers are not protected from businesses because their is no government involvement.

• Free Market

• Command

• Traditional

• Mixed

This type of economy only produce what is needed to survive.

• Free Market

• Command

• Traditional

• Mixed

Central authority or government owns all resources and makes all decisions.

• Free Market

• Command

• Traditional

• Mixed

Most common economy in the world.

• Free Market

• Command

• Traditional

• Mixed

People often perform the same type of work as their parents and grandparents.

• Free Market

• Command

• Traditional

• Mixed

Japan can not grow enough corn is an example of...

• Scarcity

• Opportunity Cost

• Choice

• Consumer Sovereignty

Billy chose to go to Disney World instead of playing soccer. This is an example of...

• Scarcity

• Opportunity Cost

• Consumption

• Incentive

Phone companies only produce cellphones with touchscreens because those are the only ones customers are buying. This is an example of...

• Scarcity

• Opportunity Cost

• Supply

• Consumer Sovereignty