Economics

Front

In a ______________ economic system, customs and traditions determine what and how to produce

Back

traditional

Front

In a ______________ economic system, the government owns resources and controls production, prices, and wages

Back

command

Front

What is a consumer?

Back

a person who purchases goods and services for personal use

Front

What is a producer?

Back

a person, company, or country that makes, grows, or supplies goods for sale

Front

What is a free market economy?

Back

An economy based on supply and demand with little or no government control

Front

What type of economy does the United States have?

Back

mixed

Front

Which type of economy involves trading, and doesn't usually use money?

Back

traditional

Front

If the supply of a good is higher than the demand, what happens to the price?

Back

price decreases

Front

A farmer would fall under which economic activity? Options: Primary, Secondary, Tertiary

Back

Primary

Front

____________ economic activities add value to raw materials by processing them or changing their form. Ex: wood being made into tables/furniture

Back

Secondary