Vocab
Fill in the Blank
Short Answer
T or F
Surprise
100
People who use goods and services
What are CONSUMERS?
100
America is more likely to be called a ___________ economy.
What is market.
100
Consumers.
What are people who use goods and services.
100
teaching is a service.
What is true.
100
The person who influences what gets made in a command economy.
Who is the dictator.
200
natural resources used to produce goods and services.
What is land?
200
China is more likely called a _________ economy.
What is command?
200
Give an example of a good.
What is food.
200
A disadvantage of a traditional economy is no technology.
What is TRUE?
200
Types of economies.
What are traditional, market, command, mixed?
300
Work for which people are paid.
What is labor?
300
When you try to be better than someone else at something you are __________.
What is competing.
300
Advantage of a traditional economy.
What are specific roles for men and women.
300
Scarcity means unlimited.
What is FALSE!
300
Factors of production include.. ____, _____ and ____.
What are land, labor, capital?
400
physical products and jobs you pay to have done.
What are goods and services?
400
You have certain economic freedoms in a __________ economy.
What is market.
400
Advantage of a command economy.
What is equal standard of living?
400
The economy connects people with GOODS and SERVICES to satisfy their wants.
What is TRUE!
400
Desires for goods or services.
What are WANTS?
500
This means limited.
What is scarcity?
500
Three factors of production are technology, ____________, and ____________.
What are employment and education.
500
Advantage of market economy.
What is competition for better products.
500
Services are physical products like clothes or food.
What is FALSE!
500
The three steps in "Want-Satisfaction" Chain...
What are Production, distribution, consumption?
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