Economic Systems

The inability to produce everything people need and want.

(Word Bank: scarcity--abundant--decrease)

The three economic questions every country must answer are:

1. 1. What to produce?

2. 2. How to produce?

What economic system answers the economic questions based on traditional customs and values passed down from generation to generation? (Word Bank: Supermarket economy---Market economy---Traditional economy)

What economic system answers the economic questions based on supply and demand in the market?

(Word Bank: Command economy---Market economy---Fixed economy)

What economic system answers the economic questions through strict governmental control?

(Word Bank: Mixed economy---Traditional economy---Command economy)

A 0%-100% scale which ranks world economies from most command-leaning (0%) to most market-leaning(100%) is an...

(Word Bank: Economic market---Economic continuum---Economic chart)

A blending of two different economic systems is called

Most or all countries have what kind of economic system?

What is a person who purchases goods and services for personal use called?

(Word Bank: Consumer---Catcher---Caterpillar)

A person, company, or country that makes, grows, or supplies goods or commodities for sale are called:

(Word Bank: Consumer---Producer---Grocer)