ECONOMICS

Question 1

traditional economy

Answer 1

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

Question 2

Economic system

Answer 2

an economic system is a way that people in a society work together

Question 3

market economy

Answer 3

is when individuals own and control businesses instead of the government

Question 4

command economy

Answer 4

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

Question 5

mixed economy

Answer 5

is a common system in many developed countries like the US Japan and most of Europe

Question 6

communism

Answer 6

government owns regulates some parts of the economy

Question 7

goods and services

Answer 7

goods are objects that satisfy people wants and services

Question 8

socialism

Answer 8

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

Question 9

capitalism

Answer 9

individuals and private business own everything and make economic decisions

Question 10

human resources

Answer 10

people who work to produce goods and services

Question 11

scarcity

Answer 11

the limited supply of somthin