There are three basic economic systems in the world. What are they?

In a traditional economy if they do trade, they may or may not use money. They may use a __________ system in which they trade goods for other goods.

The basic materials that people cannot live without are called what?

Historically, many ____________ countries have tried to set up command economies.

In a traditional economy, economic decisions are based on customs a community has followed for how long?

What two countries still use a command economy?

A __________ economy is one in which economic decisions are made by individuals looking out for their own and their families’ best interests.

Companies also need to be free to ___________ with other companies.

In a command economy who makes all the decisions?

Sellers will try to price their products ________ than their competitors so people will buy them.

In a market economy, people can start businesses to make and sell any legal products they choose. Based on the market, they can also set their own _________ for these products.

The law of ___________ states that buyers will demand, or want, a greater quantity of a good when its price is low.

When a resource becomes scarce, it is harder for producers to obtain.

__________ is the money a business has left after it has paid its expenses

__________ is the lack of a specific resource

In order to make a profit, people need to provide a ___________ or ___________

Business owners may operate however they see fit, with little direction or interference by government. This is called what?

___________ is an economic system in which the productive resources (farms, factories, machines, etc.) are owned by private citizens.

The law of __________ states that businesses will produce more products when they can sell them at higher prices.

As prices rise, the quantity demanded rises

A company is said to have a ___________ if it is the only one selling a product or providing a service.

Capitalism encourages people to invest their money so that will be successful financially.

An economy that mixes elements of different economic systems is called a ___________ economy

In the ______________, monopolies are illegal except for certain public utilities.

A business in which two or more people share responsibilities, costs, profits, and losses is known as a _______________.

A small business owned by one person is called a sole proprietorship.

There are around more than 100 million business firms in the United States today.

The people who buy corporate stocks are called ______________.

Corporate profits paid to stockholders are called _______________

__________ is the manufactured goods used to make other goods and services.

___________________ can be found on or in the Earth or in Earth’s atmosphere.

A _____________ is a type of business that is recognized as a separate legal entity

Some business organizations provide goods and services without seeking to earn a profit for stockholders. These organizations are known as ___________ organizations.

All human effort skills, and abilities used to produce goods and services are called labor.

An ________________ is a person who organizes, manages, and assumes the risks of a business.