Chapter 1 Study guide Flashcards
1
Q
Resources are owned and controlled by the people of the country by which economy?
A
Market economy
2
Q
What type of economy does the government decide what and how good are produced?
A
Controlled economy
3
Q
Workers often use hand tools and readily good produces from which type of economy?
A
Traditional economy
4
Q
As countries become more developed they often adopt this economic system
A
mixed economy
5
Q
consumers base their decisions on their own self interest
A
market economy
