Introduction to Economics and the Four Types of Economies

Traditional economies tend to be in __________ farming or hunting/gathering societies.

"If society is doing well, then individuals must be doing well." reflects which country's economic values?

Conservative governments typically lean towards:

The businesses and ideas needed for the production of goods are summarized by what term?

Traditional economies typically do things as they have always done them, meaning there aren't a lot of:

Urban economic systems are typically ___________________ and sit closer to the _________________ of the spectrum.

If supply increases, which of the following typically happens?

The money and equipment needed for the production of goods are summarized by what term?

In a traditional economic system, goods produced reflect the people’s:

Traditional economies typically produce:

Traditional economies typically involve ___________ with other groups.

A company that is owned by the government is called a:

Which of the following is true of traditional societies?

If supply rises, what do suppliers typically do?

When supply, demand and prices all sit in a balanced way, it is called:

What is the biggest difference between market and mixed economies?

Economics is the __________ of the economy.

A command economy can also be called a __________ economy.

If prices rise, which of the following typically happens?

Which two types of economies are most similar?

A traditional economic system is the most __________ type of economy in the world.

Scarcity is caused by people trying to satisfy unlimited wants and needs with __________ resources.

Why is environmental degradation more common in market economies?

The work and effort needed for the production of goods are summarized by what term?

"If individuals are doing well, then society must be doing well." reflects which country's economic values?

If demand increases, which of the following typically happens?

Why are poorer working conditions more common in market economies?

The natural resources available for the production of goods are summarized by what term?

__________ is when there are not enough goods to go around.

In which type of economy is there most likely to be an inequitable distribution of wealth (some rich, some poor)?

Which of the following is/are advantageous about a market economy?

The things that are put into the economy are called __________.

An economy is the part of a society that creates wealth through the production of:

In which way(s) do producers/suppliers create competition?

If prices rise, fewer consumers can afford products/services, so demand drops, then the amount available (supply) rises.

Liberal governments typically lean towards:

Which side of the spectrum do true market economies sit on?

What is a monopoly?

A true market economy is free from:

People who study wealth and how different people get different amounts of it are called: