Economics

Question 1

An economic system is a way that peoples society work together to make and trade things

Answer 1

Economic

Question 2

there is no government control so people do business on their own

Answer 2

traditional

Question 3

______ economic system is when individuals own and control a business instead of government

Answer 3

Market

Question 4

____ is when a government or a single leader makes all the decisions

Answer 4

command

Question 5

___ is a common system in many developed countries like US Japan Europe

Answer 5

Mixed

Question 6

Government owns all aspects of the economy

Answer 6

Communism

Question 7

government owns some parts of the economy for the benefit of the whole nation

Answer 7

Socialism

Question 8

individuals and private businesses own everything and make one economic decisions free

Answer 8

Capitalism

Question 9

People who work to produce and good or a service

Answer 9

Human resources

Question 10

The limited supply of something

Answer 10

Scarcity

Question 11

___ are objects that satisfy peoples wants ____ are things people do for us that satisfy our wants

Answer 11

Goods And Services

Question 12

___is the amount of goods available and ___ is how badly how people want a good or service

Answer 12

Supply And Demand