Economics Session 1

_____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Services

• Producers

• Consumers

________________ are activities that satisfy people’s needs and wants.

• Goods

• Services

• Needs

• Wants

______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.

• Producers

• Services

• Goods

• Resources

In what economic system does the government determine what to produce, how to produce it, and how to market it?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

What is the general increase in prices over time?

• Inflation

• Deflation

• Stagflation

• Hyperinflation

What do you call someone who makes or provides a good or service for purchase?

• Producer

• Consumer

• Demand

• Supply

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

Type of Economy that is half command and half market

• Traditional
• Command
• Market 
• Mixed

Type of economic system where there is no government control.

• Mixed
• Market
• Free Enterprise
• Command