11/4 Econ vocab

__________ economies are the oldest economic systems in place.

• Traditional

• Command

• Market

• Specialization

In a traditional economic system, __________ is inherited.

• jewelry

• livestock

• furniture

• land

Traditional economies rely heavily on __________ to meet the needs of citizens.

• farming and agriculture

• farming and manufacturing

• manufacturing and agriculture

• agriculture and services

person who uses or buys a good or service

• Producer

• Consumer

• Supply

• Demand

Things are bought and sold freely

• Supply

• Demand

• Command Economy

• Market Economy

The exchange of one good or service

• Barter

• Scarcity

• Trade

• Supply

something people do for other people for money

• Good

• Service

• Supply

• Demand

Government decides what goods and services can be made or sold

• Command Economy

• Market Economy

• Export

• Import

When there's not enough of something you need or want

• Supply

• Demand

• Scarcity

• Barter

A person who makes a good or produces a service

• Consumer

• Producer

• Export

• Import