Definitions
Econ 1
Econ 2
100
People use the same work methods and tools generation after generation
What is Traditional Economy
100
Examples of this include merchandise such as fruit, vegetables, cars, clothes
What is Good
100
Amount of a product available for purchase
What is Supply
200
Private citizens or groups of citizens own businesses
What is Market Economy
200
Examples of this include babysitting, car washing. massages.
What is Services
200
The wish of the people to buy a product at a certain price
What is Demand
300
The government owns the country's resources and businesses.
What is Command Economy
300
Mr. Smith is a shoe maker. Mr. Smith and his wife have a son who is also going to be a shoe maker.
What is Traditional Economy
300
The United States has this kind of economy
What is Mixed Economy
400
Some are owned by the government while others are owned by private citizens or groups.
What is Mixed Econonmy
400
The government says that shoes will be made and they will cost only $35 a pair.
What is Command Economy
400
Australia is ____-leaning on a continuum chart.
What is Market-Leaning
500
One good/service is given in return for another
What is Bartering
500
Mrs. Butcher is starting her own jewelry line and she has just purchased a booth to sell all her jewelry.
What is Market Economy
500
One good/service is given in return for another
What is Entrepreneurship
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