ECONOMICS

Question 1

ECONOMIC SYSTEM

Answer 1

An economic system is a way that people in a society work together to make a trade.

Question 2

Traditional economy

Answer 2

A traditional economy is when there is no government control so people do business on their own.

Question 3

Market economy

Answer 3

The market economy is where which is made of supply and demand.

Question 4

Command economy

Answer 4

Examples for command is North Korea, Cuba, and Soviet union.

Question 5

MIxed economy

Answer 5

A mixed economy is a common system in many developed countries like Us,Japan,And most of Europe.

Question 6

Communism

Answer 6

Government owns/regulates some aspects of the economy.

Question 7

Socialism

Answer 7

Government owns/regulates some parts of the economy for the benefit of the whole nation.

Question 8

Capitalism

Answer 8

Individuals and private businesses own everything and make economic decisions free from government regulation.

Question 9

Human resources

Answer 9

People who work to produce a good or services.

Question 10

scarcity

Answer 10

Scarcity is a limited supply of something

Question 11

Goods and services

Answer 11

Or objects that satisfy people’s lives in services for us that satisfy our whants

Question 12

Supply and demand

Answer 12

What is the amount of good available and demand is how bad they want a good or service