Economics and Government Spending

Economics is the study of how businesses and people...

• make decisions and spend money

• vote

• build products

Resources are the things used to make ______ and provide services.

• choices

• goods

• money

What are goods?

• tasks performed for money

• stuff, things

• acts of kindness

What are services?

• tasks

• stuff

• acts of kindness

In a Market Economy, all goods and services are provided by...

• Unpaid interns

• The government

• Private companies

In a Command economy, all goods and services are provided by...

• The Government

• Private Companies

• Ms. Jill

In a Mixed Economy, who provides goods and services?

• The gov't

• The gov't and private companies work together

• Private companies

When a country does not have enough resources to produce all the things that people want, its called________

• A command economy

• Taxes

• Scarcity

When one company provides all of one good or service

with no competition.

• Monopoly

• Scarcity

• Economic System

This one is not on the vocab sheet! Use your memory!

The Government gets most of its money from ________

• Stealing from other countries

• Taxes

• goods and services