Unit 8 - Economy

Define Economy: The way ___ and ___ are produced and consumed

Define producer: Someone who ___ (with hands) goods or ___ (with hours) services

Define Consumer: Someone who ___ (a word for buys) goods and services

Define Market: Where the buying and selling takes ___

What are the two main basic types of economic system?

-___ (USA)

-___ (North Korea)

Free Market:

-___ (ca--one)

-Most good and services are offered by ___ (public or private) companies

-Mixed economy: Free market economy in which there is ___ (lot or little) government oversight and the government owns ___ (lot or little) good and services

Command:

-___ (not this but a republican?)

-The ___ (group of people) owns and offers all goods and services

Free Economy (cont):

-___ Ownership (self)

-___ ___ (Apple salt)

^^Wrote "The ___ of Nations"

-Free to buy or sell, makes our economy ___

-If buying or selling stops, our economy ___

Free Economy (cont)

Better ___ ($) + Better ___ (stuff) = ___ (If android makes their phones waterproof, then apple will make their phones waterproof, its a co--)

Free Market (cont)

"___ ___": Keeps economy moving, not they government

^^This is so important that if the government intervenes, it would be ___ (destroyed)

Monopoly: ___ (Big fish eating small fishies // Gaining control) the Invisible hand

(Invisible hand = Competition