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WorksheetsEconomy
Total questions: 12
Worksheet time: 6mins
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
What is free enterprise?
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
Economy driven by profit and competition (businesses and individuals compete for profit with minimum government interference)
The government gives no economic freedom to the people
What is industrialization?
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
Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
The development of industries using machine production of goods
