Vocabulary Quiz

Currency – a country’s money

Producers – a person who makes goods or services to sell

Consumers – someone who buys or use goods and services

Scarcity – situation where the amount of a resource is limited

Market economy – a free enterprise system in which supply, and demand determines goods and services

Command economy – An economy in which the government decides what goods and services can be sold

Private property – the land or goods that people or companies own

Free enterprise system – an economy in which people are free to start their own businesses or produce whatever good or service they want

Bartering – to trade goods or services for other goods or services without using money

Export – to sell or trade something to another country