Economy types
There are how many economies
What is 4?
Name all of the economies
What is Mixed, Command, Traditional, Market economies
Economy involves what
What is trading and money?
Define producer
What is someone who makes goods or offers services to others?
Every economy must answer 3 basic questions
What is what to produce, how to produce it, and to produce for whom?
This economy has the government and the people
What is the Mixed Economy?
Disadvantages of Traditional Economy
What is limited technology and lack of goods and services?
Advantages of the Command Economy
What is resources are sent when needed and can be available
Define consumer
What is someone who acquires goods and services for his or her own personal use?
Every type of Economy has at least 2 things.
What are advantages and disadvantages?
This economy is ran by the govenment
What is command economy?
Disadvantages of Mixed Economy.
What is balancing government and business freedom?
Advantages of Market Economy
What is variety of choices of consumers and competition encouragement
Define opportunity cost
What is the benefit you give up by choosing to do one thing instead of another?
There are 2 things you can do for an Economy
What is producer and consumer?
This economy is based on customs that have been passed down
What is Traditional Economy?
Disadvantages of Command Economy?
What is lack of choices and freedom to innovate?
Advantages of Mixed Economy
What is consumer choice and completion and government help?
Define incentive
What is the thing that motivates you to do something?
An economy is
What is the way a society uses their resources to either produce or distribute goods and services?
This economy is when consumers and businesses make most decisions.
What is Market Economy?
Disadvantages of Market Economy?
What is not being able to afford goods and services, causing business fail?
Advantages of Traditional Economy
What is role known of and strong sense of community?
Define Scarcity
What is the limited amount of resources available?
I buy goods from people and then I decide to make some good of my own
What is consumer than producer?