ECONOMICS

Question 1

Economic System

Answer 1

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

Question 2

Traditional Economy

Answer 2

There is no government control, so people do businesses instead of the government.

Question 3

Market Economy

Answer 3

Is when individuals own and control businesses instead on the government.

Question 4

Command Economy

Answer 4

Is when the government or a single leader makes all the decisions.

Question 5

Mixed Economy

Answer 5

Is a common system in many developed countries like US, Japan, and most of Europe.

Question 5

Communism

Answer 5

A type of government as well as an economic system or a way of creating and sharing wealth or government owns/regulates all aspects of the country.

Question 5

Socialism

Answer 5

A way to organize a society or government owns/ regulates some parts of the economy for the benefit of the whole nation.

Question 5

Capitalism

Answer 5

an economic system or individuals and private businesses own everything and make economic decisions for free from government regulation.

Question 6

Human Resources

Answer 6

People who work to produce a good or a service.

Question 6

Goods and Services

Answer 6

Goods are objects that satisfy people’s wants and Services are things people do for us that satisfy our wants.

Question 6

Scarcity

Answer 6

The limited supply of something.

Question 7

Supply and Demand

Answer 7

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