Economy

What is the definition of economy?

• The way a society makes, buys, and sells their goods and services

• A system of exchanging goods and services

• The way resources are gathered in order to produce goods and services

• A person who has the idea of a business and gathers all the resources to start one

What is the definition of agriculture?

• The way in which a society organizes the production and distribution of goods and services

• An industry that takes raw materials from the earth and makes them into products (farming)

• The way resources are gathered in order to produce goods and services

• A person who has the idea of a business and gathers all the resources to start one

What are factors of production?

• The way in which a society organizes the production and distribution of goods and services

• A system of exchanging goods and services

• The way resources are gathered in order to produce goods and services

• A person who has the idea of a business and gathers all the resources to start one

What is GDP (gross domestic product)?

• The way in which a society organizes the production and distribution of goods and services

• A system of exchanging goods and services

• The way resources are gathered in order to produce goods and services

• The total goods and services produced in country

What is supply?

• The amount of something that producers have available for sale

• The amount of a good or service that consumers are willing and able to buy

• An economic system in which the government controls a country's economy

• Economic decisions are made by individuals or the open market (supply and demand)

What is demand?

• The amount of something that producers have available for sale

• The amount of a good or service that consumers are willing and able to buy

• An economic system in which the government controls a country's economy

• Economic decisions are made by individuals or the open market (supply and demand)

What is a command economy?

• The amount of something that producers have available for sale

• The amount of a good or service that consumers are willing and able to buy

• An economic system in which the government controls a country's economy

• Economic decisions are made by individuals or the open market (supply and demand)

What is a market economy?

• The amount of something that producers have available for sale

• The amount of a good or service that consumers are willing and able to buy

• An economic system in which the government controls a country's economy

• Economic decisions are made by individuals or the open market (supply and demand)

What is a mixed economy?

• An economy in which decisions are based on customs and traditions

• Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

• A system in which the government owns most businesses and factors of production

• An economic system with characteristics of a market and command economy

What are economic indicators?

• An economy in which decisions are based on customs and traditions

• Facts about a place that help you understand a country and how the economy is doing

• A system in which the government owns most businesses and factors of production

• Combination of mostly market economy with some command economy