ECON 101 Review

Country A practices free enterprise, but government makes some decisions about economy.

What is the term for how many consumers want certain goods?

What is the term for the amount of goods available?

Country B has business owners & customers that make decisions about what to make/sell/buy.

Economy with private bussiness owners, driven by the consumers, and supply and demand.

The tribes of the Amazon Rainforest practice this economy.

Your government controls everything about the economy.

What term is the study of the production, distribution, and use of goods and services?

An economy that is a combination of market and command.

All the activities people do to earn a living are part of the _____________________.

Country C has a communist government that makes the choice of what goods to produce.

Government controls the steel industries, but allows companies to make/sell whatever they want.

An economy based on the traditions and customs of the people and natural resources.

What is the term for the total value of all the goods and services produced in one country?

What is the term for the limited supply of something?

Your economy is based on what your ancestors have always done.

An economy that is controlled by the government and the government makes all the decisions.

Country business owners are free to make and sell whatever they wish with no government control