Economic Systems and Vocabulary Flashcard

Front

Which country is an example of a Market Economy? Options: North Korea, France, United States, Canada

Back

United States

Front

A Mixed Economy is a blend of which two systems?

Back

Command and Market

Front

Scarcity refers to the limited availability of resources relative to what?

Back

Unlimited wants

Front

What are Resources in economic terms?

Back

The inputs used to produce goods and services

Front

Opportunity Cost is the value of what?

Back

The next best alternative given up

Front

Goods and Services include physical items and what else?

Back

Services

Front

Supply and Demand determine what in the market?

Back

Price

Front

Capitalism is an economic system where private individuals own and control what?

Back

Resources and businesses

Front

Fill in the blank: A Traditional Economy is often found in ______ societies.

Back

Rural

Front

Fill in the blank: A Market Economy relies on ______ exchange in markets.

Back

Voluntary