Economy
What economy provides goods and services how their families did in the past.
Traditional Economy.
Whats the definition of "Producer."
Someone who makes goods or offers services to others.
A mixed economy combines elements of both a blank economy and a blank economy.
A mixed economy combines elements of both a market economy and a command economy.
What is opportunity?
The benefit you give up to choose one thing instead of another.
Example of Market Economy
Correct Answer may vary.
Prices are determined by supply and demand.
How many types of economies are there?
What is Profit?
Something you receive more by selling or trading than what you got it for.
An blank is the way a society decides how to use its resources to produce and distribute goods and services.
An economy is the way a society decides how to use its resources to produce and distribute goods and services.
What is supply?
How much or the quantity available.
Example of Command Economy
The government makes prices, changes, decisions, and e.t.c.
What is the Market economy?
People and business make the decisions instead of the government.
What is demand?
How much people want something.
A blank economy is based on customs traditions, and beliefs that have been passed down from generation to generation.
A traditions economy is based on customs traditions, and beliefs that have been passed down from generation to generation.
What is a consumer
Someone who acquires goods and services for his or her own personal use.
Example of a Traditional Economy.
Something that has their parents or ancestors doing it.
For example, wheat getting produced with the same methods.
What is the Command economy.
A planned activity is an economic system where a central authority usually the government controls all major decisions.
What is Incentive?
A command economy makes the most blank decisions.
A command economy makes the most economical decisions.
A mixed economy example.
Government providing services and regulations.
Which economies are in the mixed economy?
Market and Command
Whats the definition of Scarcity?
The limited amount of resources available.
A market economy is an economy where consumers and businesses make most economic decisions.
Who does things the traditional way on a Traditional Economy? ( A religion)
The Amish people grow crops and move around.