Economics

Question 1

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

Answer 1

Economic system

Question 2

When individuals own and control business instead of the Government

Answer 2

Market Economy

Question 3

Is a a system that can take the best parts of both systems

Answer 3

Mixed Economy

Question 4

Government owns/regulates all the aspects of the economy

Answer 4

Communism

Question 5

People who work to produce a good or service.

Answer 5

Human Resources

Question 6

The limited supply of something

Answer 6

Scarcity

Question 7

Supply is the amount of goods available, andemand is how badly people want a good or service.

Answer 7

Supply And Demand

Question 8

Goods are objects that satisfy people’s wants and services are things

Answer 8

Goods And Services

Question 9

Is when the government or a single leader make all the decisions

Answer 9

Socialism

Question 10

This system is based on old customs and traditions

Answer 10

Traditional Economy

Question 11

Private individual use their money to create goods and make a profit.

Answer 11

Capitalism

Question 12

The Government owns/regulates all aspects of the economy

Answer 12

Command Economy