G4-1 Final Exam_SS.Study Guide

Someone who buys or uses goods and services

An economy in which people are free to start their own businesses or to produce whatever good or service they want.

A free enterprise system in which supply and demand determines goods and services.

An economy in which the government decides what goods and services can
be sold.

ex) mask, cell phone, TV, book, etc:

Q: goods or services?

ex) piano lesson, ice-cream scooper!

Q: goods or services?

A shortage. The amount of a resource is limited.

Consumers are less likely to have their needs and wants met.

Q: Yes or No?

 A small fee paid to bank customers in exchange for allowing the bank to use their money;
a fee charged by banks for borrowing money.

 a job among skilled workers.