Chapter 5 Vocabulary

The system by which a group makes, shares, and uses goods is called ________.

• Economy

• Government

• Culture

• Society

A person or company that makes a good or service to sell to others is called a ________.

• Producer

• Consumer

• Distributor

• Retailer

Fill in the blank: A person or company who buys a good or service is called a ________.

• Consumer

• Producer

• Supplier

• Distributor

A system in which producers have the right to create any goods or services they want is called a ________.

• Free enterprise system

• Command economy

• Traditional economy

• Mixed economy

An area or country in which things are bought and sold freely is called a ________.

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Fill in the blank: The government decides what goods and services can be made and sold in a ________.

• Command Economy

• Market Economy

• Mixed Economy

• Traditional Economy

Fill in the blank: Money is also known as ________.

• Currency

• Gold

• Silver

• Barter

To trade one good for another is to ________.

• Barter

• Exchange

• Sell

• Purchase

When the price of goods increases while the value of money decreases, it is called ________.

• Inflation

• Deflation

• Stagflation

• Recession

The amount of product a business has is called ________.

• Supply

• Demand

• Revenue

• Profit