Quiz 1 econ

What is an economy?

• It describes how a country manages it's money and resources

• How one country pays the other

• How a country protects it's citizens

A person purchasing the good or service

• commodity

• consumer

• creator

• producer

An item that is traded in an economy.

• goods

• services

• demand

• profit

An activity that a business or person trades for payment.

• services

• supply

• scarcity

• land

The exchange (goods or services) for other goods or services without using money.

• barter

• produce

• specialization

• services

The extent to which consumers want to certain good or service.

• demand

• supply

• opportunity cost

• entrepreneur

The amount of a product or service in the market.

• shortage

• surplus

• demand

• supply

An economy where parts of it are privately owned and parts are owned by the government is called

• free enterprise

• mixed economy

• target economy

• socialist economy

Which type of economy is controlled by the government?

• Command

• Mixed

• Market

• Democratic

What type of economy does the United States have?

• Command (Communist)

• Mixed (Socialist)

• Traditional

• Market (Free Enterprise)