Economy

Match the following vocabulary to its definition.

• Market Economy

• One in which producers have the right to create any goods or services they want.

• Free Enterprise System

• (Free Enterprise System) Entire area/country in which things are bought and sold freely.

• Command Economy

• Government decides what goods and services can be made and sold.

• Producer

• A person or company who makes a good or service to sell to others.

• Consumer

• A person or company who buys goods and services.

Match the following vocabulary to their definition.

• Involve

• A single human being

• Private Property

• The land, homes, stores, and goods that people and companies own.

• Individual

• To take into account; include

How the resources of an area or country are produced, delivered, and used.

• The geography of the area or country.
• The culture of the area or country.
• The economy of the area or country.
• The history of the area or country.

Things you must have to survive, such as food, clothing, and shelter.

There are two types of needs and wants. What are these two types called?

• Requirements and aspirations
• Essentials and luxuries
• Desires and preferences
• Goods and Services

Actual products you can buy such as a car, apples, or shoes.

Things that other people do for you, such as cutting your hair or giving music lessons.

• Services

• Goods

• Needs

• Wants

List the Needs and Wants under the correct category.

Groups:

(a) Needs

,

(b) Wants

• Drinking Water

• Shoes

• Dance Class

• Home

• Lemonade

• Bicycle

• Vacation

• Food

​ (a)   set the ​ (b)   and ​ (c)   for their goods and services.

• Producers
• prices
• quantities
• Consumers, costs, demands
• Retailers, values, supplies
• Distributors, rates, stocks

The United States is a Free Enterprise System.

• True

• False