Economics

Question 1

A way that people in a society work together to make and trade things

Answer 1

Economic system

Question 2

There is no government control, so people do business on their own based on old customs and traditions

Answer 2

Traditional Economy

Question 3

A capitalist Economic system is when individuals own and control businesses instead of the government

Answer 3

Market Economy

Question 4

Also known as a social or communist system is when a government or a single leader make call the decisions

Answer 4

Command Economy

Question 5

This system combines element of both capitalism and command economies

Answer 5

MIxed Economy

Question 6

Government/ owns/ regulates all aspects of the economy

Answer 6

Communism

Question 7

Individuals and private businesses also their own make their own economic decisions

Answer 7

Socialism

Question 8

Individuals and private business own everything and make economic decisions keeping the profits and accepting the losses.

Answer 8

Capitalism

Question 9

People who work to produce a good or a service

Answer 9

Human Resources

Question 10

Which is the limited supply of something

Answer 10

Scarcity

Question 11

Good are objects that satisfy people’s wants and services are things people for us that satisfy our wants

Answer 11

goods or services

Question 12

Supply is the amount of goods available, and demand is how badly people want a goods or services

Answer 12

supply and demand