Check in Quiz (Unit 1&2)

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good