economic
Quiz by Patty
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20 questions
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- Q1Economic decision-makingProcess of choosing which needs and wants will be satisfied30s
- Q2ProducersIndividuals and organizations that determine what products and services will be available for sale30s
- Q3Economic systemThe method a country uses to answer the three economic questions30s
- Q4Economic resourcesThings available to be used to produce goods and services30s
- Q5NeedsThings that are required in order to live30s
- Q6ScarcityNot having enough resources to satisfy every need30s
- Q7SupplyQuantity of a good or service that businesses are willing and able to provide30s
- Q8ConsumerPerson who buys and uses goods and services30s
- Q9Command economyEconomy in which resources are owned and controlled by the government30s
- Q10GoodsThings that you can see or touch30s
- Q11CapitalismPrivate ownership of resources by individuals rather than by the government30s
- Q12Traditional economyEconomy in which goods and services are produced the way that it has always been done30s
- Q13Mixed economyEconomy that combines elements of the command and market economies30s
- Q14DemandQuantity of a good or service that consumers are willing and able to buy30s
- Q15Market pricePoint where supply and demand are equal30s