Economic Systems
VOCAB
PRODUCER
CONSUMER
True or False
100
WHAT TO PRODUCE?
What is the first economic?
100
is the amount of resource you have.
What is the definition of supplies?
100
prices go up
When supplies go down what goes up?
100
good quality and low price
What are consumer looking for?
100
true they are human needs
true or false food water and shelter are a human need
200
An economic system based on private ownership, free trade, and competition.
What is an market economic?
200
the amount of good and services a consumer is willing to buy.
What is the definition of demand?
200
prices go down
supplies goes up what happens to the demand?
200
false because some are at a mixed economy
True or False market economy is where most consumers are.
200
False prices go down
true or false when supplies goes up and prices go
300
An economy that is a combination of command, market and traditional.
What is an mixed economic?
300
government makes all of the decisions.
What is command economic?
300
supplies
When prices go up what goes down?
300
False resource are limited
True or False resource are unlimited
400
WHO TO PRODUCE IT FOR?
What is the 3rd basic economic question?
400
An economy where production is based on customs and traditions where people typically grow their own food, make their own food and goods.
What is traditional economic?
400
Is the amount of resources you have
what is supplies?
400
is a person who buys from a producer
What is a consumer?
400
true
true or false capital good is a produce resource
500
Can’t always find what you want or not a lot of high technology. Maintain cultural beliefs or everyone is equal.
Name 1 disadvantage and 1 avenge.
500
Goods that are used in producing other goods, rather than being bought by consumers.
What is definition of capital good
500
is how much consumer like the items.
What is demand?
500
when one thing is given up to buy another.
What is opportunity cost
500
true
true or false food is a human need
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