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 in control, so people do business on their own

Answer 2

Traditional Economy

Question 3

when individuals own and control businesses instead of the government

Answer 3

market economy

Question 4

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

Answer 4

command economy

Question 5

is a system that combines elements 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

government owns/regulates some parts of economy for the benefit of the whole nation; and individuals and private businesses also their own make their own economic decisions, keeping the profits and accepting the losses.

Answer 7

socialism

Question 8

individuals and private businesses own everything and make economic decisions free from government regulation, keeping the profits and accepting the losses without intervention

Answer 8

capitalism

Question 9

people who work to produce a good or a service

Answer 9

human resources

Question 10

the limited supply of something

Answer 10

scarcity

Question 11

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

Answer 11

goods and services

Question 12

supply is the amount of goods available, and demand is how badly people want a good or a service

Answer 12

supply and demand