Economics Chapter 2 - Lessons 1-3

Who makes decisions about production and distribution in a command economy?

Which nation would be closest to the market side of this economic continuum?

Something that is stable:

Which word means, "giving up one thing in order to have another"?

A mixed economy is:

A transitional economy:

What is discouraged in a traditional economy?

What does "incentive" mean?

How many economic questions must each country answer?

Which nation would be closest to the command side of this economic continuum?

Which nation is an example of a transitional economy today?

What is a resource?

What does "allocate" mean?

Ordinary people decide what, how, and for whom to produce goods and services with little or no government involvement.

Which is true of ALL modern economic systems?

How does price affect distribution in a market economy?

In traditional economies, people live and work as their ancestors did, doing the work those people did.

Which word means, "people do not have enough resources at a given time to satisfy their needs and wants"?

Which word means, "when you choose one thing over another, giving up the next best option"?