Economics 1-3

The way that a country or culture produces and distributes goods and services

• command system

• traditional system

• economic system

• mixed system

An economic system based on past ways of life and culture

• command economy

• mixed economy

• mixed market economy

• traditional economy

Which of the following is a good?

• cutting grass
• car wash
• food
• restaurant

Which of the following is a service?

• car
• shoes
• teacher
• computer

The amount of a good or service producers are willing and able to sell at a certain price is called -

• scarcity
• supply
• demand
• price

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

How much people want something

• supply
• demand

A person who comes up with a new idea for a product, and they actually make it and sell it.

• resource

• human resources

• consumer

• entrepreneur

What do we call all of the resources required to make a product (good or service)?

• economics

• consumption

• four factors of production

• scarcity

Something we pay for that we can touch

• goods
• services