What is the Economy

Pick all the items that are a need.

• video games

• water

• sports

• food

• vacation

Pick all the items that are a want.

• shoes

• backpack

• dance class

• home

• water

What is a producer?

• someone who makes a good or service

• someone who buys a good or service

What is a consumer?

• Someone who makes a good or service

• Someone who buys a good or service

An example of a consumer is someone who makes tennis balls.

• True

• False

An example of a producer is someone who makes tennis balls.

• True

• False

What is a free enterprise system?

• all products are free to consumers

• producers have the right to create any good or service

• the government tells people what to buy

• the producers have to make what the government tells them to make

What is a command economy?

• consumers demand what they want producers to make

• the government tells producers what goods and services to make

• producers do not make any good or services

• consumers get free goods and services

Based on the pie chart on page 109. What job has 2 million people?

• mining

• construction

• agriculture

• services

Based on the pie chart on page 109. What job has the most people in it?

• mining

• agriculture

• services

• manufacturing