Economic Basics Topic 1 Lesson 6

This is the study of how people meet their wants and needs.

• Supply

• Economics

• Goods

Which of the following is one of the three basic economic questions?

• Can an income be shared?

• How is a budget created?

• How should goods and services be produced?

These are physical products such as food, clothing, books, and water bottles.

• services

• customs

• goods

What are helpful or valuable actions that businesses offer? (like hotels, restaurants, banks)

• customs

• goods

• services

This is when there is a limited quantity of resources or not enough of a good being produced.

• produce

• customs

• Scarcity

Prices in a market are set by supply and

• services

• demand

• consumers

Who are the people or businesses that make and sell goods and services?

• producer

• values

• consumer

Who are the people or businesses that buy goods or services?

• values

• consumer

• producer

The four types of economic systems include traditional, market, command, and

• mixed

• producers

• services

This system is based on a group's customs and values. Most people will hunt or farm. This type of system is not common anymore.

• command

• market

• traditional