Economics

Question 1

Economic system

Answer 1

is a way that people in a society work together to make and trade utem/goods

Question 2

traditional economy

Answer 2

There is no government control, so people do business on their own

Question 3

Market economy

Answer 3

is when individuals own or control businesses instead of 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

Question 6

communism

Answer 6

Government owns/regulates all aspects of the economy

Question 7

socialism

Answer 7

government owns/regulates some parts of the economy

Question 8

capitalism

Answer 8

private individuals use their money to create goods and make a profit

Question 9

human resources

Answer 9

people who work to produce a good or service

Question 10

scarcity

Answer 10

a limited supply of something

Question 11

Goods or services

Answer 11

these are goods or services people buy

Question 12

supply and demand

Answer 12

supply is how much of something, demand how badly people want a good or service