Worksheetsrole of consumers
Total questions: 10
Worksheet time: 8mins
The government owns and control most of the productive resources of the country.
Command system
Planned economy
Traditional economy
Mixed economy
This one is characterized by a large degree of government control of many of the decisions within the country.
Social Economic system
communist economic system
traditional economic system
Capitalism-
it is the people who decide what decisions will be made and how they will be made.
traditional economic system
Capitalism
known as command system
social economic system
is an economic system in which producers and consumers are free to operate and compete in business transactions with minimal, if any government interference or regulation.
Capitalism-
traditional economic system,
social economic system
command system
The basic economic problem in every economy.
Scarcity
Demand
Inflation
Covid 19
The willingness and ability of the consumer to buy certain goods and services at a given prices.
Demand
Supply
law of demand
Equilibrium point
The consumer have the ultimate power in a market economy
consumer sovereignty.
Consumer power
Producers power
Demand and supply gap
It is the rivalry among sellers in the same market in order to win consumers.
Competition
Informed consumer
Purchasing power
Informed suppler
Characterized by many buyers and sellers in the market that may results to improved quality goods at a lower prices.
Pure competition
Oligopoly
Monopoly
Monopolistic
It is the value of money, which is measured in the amount of goods and services it can buy.
Purchasing power
competition
Informed consumers
Informed suppliers
