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20 questions
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- Multiple ChoicePlease save your changes before editing any questions.
In a ______________ economic system, customs and traditions determine what and how to produce
traditional
market
command
mixed
- Multiple ChoicePlease save your changes before editing any questions.
In a ______________ economic system, the government owns resources and controls production, prices, and wages
traditional
market
command
mixed
- Multiple ChoicePlease save your changes before editing any questions.
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
- Multiple ChoicePlease save your changes before editing any questions.
What is a producer?
a person who gives goods away
things people would like to have
the exchanged of goods and services without the use of money
a person, company, or country that makes grows, or supplies goods for sale
- Multiple ChoicePlease save your changes before editing any questions.
What is a free market economy?
An economy based on supply and demand with little or no government control
The international exchange of goods
An economy in which decisions are made by the government
An economy that is communist
- Multiple ChoicePlease save your changes before editing any questions.
What type of economy does the United States have?
traditional
mixed
command
market
- Multiple ChoicePlease save your changes before editing any questions.
Which type of economy involves trading, and doesn't usually use money?
traditional
command
mixed
market
- Multiple ChoicePlease save your changes before editing any questions.
If the supply of a good is higher than the demand, what happens to the price?
stays the same
price increases
price decreases
- Multiple ChoicePlease save your changes before editing any questions.
A farmer would fall under which economic activity?
Primary
Secondary
Tertiary
- Multiple ChoicePlease save your changes before editing any questions.
____________ economic activities add value to raw materials by processing them or changing their form. Ex: wood being made into tables/furniture
Primary
Secondary
Tertiary
- Multiple ChoicePlease save your changes before editing any questions.
Basic things humans need to survive
want
import
need
- Multiple ChoicePlease save your changes before editing any questions.
Extras that make life more enjoyable
need
want
savings
- Multiple ChoicePlease save your changes before editing any questions.
a good made in another country and brought into the United States
import
export
supply
- Multiple ChoicePlease save your changes before editing any questions.
A good made in the United States and sent to other countries
import
export
supply
- Multiple ChoicePlease save your changes before editing any questions.
not being able to meet all wants at the same time
demand
supply
scarcity
- Multiple ChoicePlease save your changes before editing any questions.
Actions that people do for others
goods
services
supply
- Multiple ChoicePlease save your changes before editing any questions.
What is Gross Domestic Product?
Goods, services, and intermediate products bought by people in other countries.
the total value of goods produced and services provided in a country during one year
The amount of output the average worker can produce in an hour.
- Multiple ChoicePlease save your changes before editing any questions.
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
- Multiple ChoicePlease save your changes before editing any questions.
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
- Multiple ChoicePlease save your changes before editing any questions.
What is profit?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills