Vocabulary
A person who buys and uses goods or services
What is a consumer?
An economy where the government controls production and prices
What is a command economy?
People are free to start businesses and own property in this system
What is the free enterprise system?
What does a consumer do?
What is buy and use goods or services?
How does the government pay for goods and services it produces?
What is through taxes?
A person or business that makes or grows goods or services
What is a producer?
An economy in which people freely buy and sell goods and services
What is a market economy?
What is a key benefit of owning private property?
What is it allows people to control their own things and make decisions?
What does a producer do?
What is grow or make goods to sell?
Name one service the government provides using tax money
What is schools, roads, police, or fire departments?
To take part in or include
What does involve mean?
Who makes economic decisions in a market economy?
Who are individual buyers and sellers?
True or False: Everyone in a free enterprise system must follow government orders when making business choices
What is false?
What role do consumers and producers play in the economy?
What is they decide what to buy, which affects what producers make?
True or False: In a market economy, the government controls all businesses
What is false?
One single person
What is an individual?
Who makes economic decisions in a command economy?
Who is the government?
True or False: People can own private businesses in a free enterprise system
What is true?
How are consumers and producers connected?
What is producers make things for consumers to buy?
What is a sector of the economy that affects you daily?
What is food, clothing, transportation, etc..?
Something owned by a person, not the government
What is private property?
Which economy gives more choices to consumers and why?
What is a market economy, because competition gives more options?
What is one characteristic of a free enterprise system?
What is people can choose jobs and start businesses?
What is yes, a person can make goods and also buy goods from others?
Why does the government collect taxes?
What is to provide public good and services to people?