Economics

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

• traditional

• market

• command

• mixed

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

• traditional

• market

• command

• mixed

3. What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

4. What is a producer?

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

• things people would like to have

• the exchanged of goods and services without the use of money

• a person who gives goods away

5. What is a free market economy?

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

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

6. A farmer would fall under which economic activity?

• primary

• secondary

• tertiary

• quarternary

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

• primary

• secondary

• tertiary

• quartenary

8. Basic things humans need to survive

• want

• need

• import

• export

9. Extras that make life more enjoyable

• need

• want

• luxury

• saving

10. limited resources is

• scarcity

• demand

• supply

• extinct