Types of Economic Systems and Supply and Demand

Question 1

Trade may take place through bartering.

Accepted Answer

traditional

Question 2

An economic system based on competition

Accepted Answer

market

Question 3

Also known as capitalism or a demand economy

Accepted Answer

market

Question 4

The amount of consumer demand for a product at different prices, shown on a table or graph

Accepted Answer

demand schedule

Question 5

This type of economic system is also known as a planned economy.

Accepted Answer

command

Question 6

The amount of a good/service that businesses are willing and able to supply at different prices

Accepted Answer

supply schedule

Question 7

The supply and demand for goods and services set prices in this economic system.

Accepted Answer

market

Question 8

A combination of command and market economic systems

Accepted Answer

mixed

Question 9

People grow their own food and make their own goods

Accepted Answer

traditional

Question 10

Not used much today, but does appear during difficult economic times when money has a low value

Accepted Answer

traditional

Question 11

System in which most resources and businesses are owned by the government

Accepted Answer

command

Question 12

The amount of a good/service that consumers are willing and able to buy

Accepted Answer

demand

Question 13

The amount of a good or service that businesses are willing and able to provide

Accepted Answer

supply

Question 14

Government decides what, how much , and prices of the goods and services that are produced.

Accepted Answer

command

Question 15

Found in North Korea and Cuba, two countries with communist governments

Accepted Answer

command

Question 16

An economic system based on free trade

Accepted Answer

market

Question 17

States that consumers are willing/able to buy more of a good /service as its price goes down

Accepted Answer

law of demand

Question 18

A system based on private ownership

Accepted Answer

market

Question 19

Found mostly in rural and remote communities of South America, Asia and Africa

Accepted Answer

traditional

Question 20

The most common economic system in the world

Accepted Answer

market

Question 21

Government may own some industries, while other industries are privately owned

Accepted Answer

mixed

Question 22

Goods and services are exchanged without the use of money.

Accepted Answer

traditional

Question 23

The oldest economic system in the world

Accepted Answer

traditional

Question 24

The price at which the quantity demanded equals the quantity supplied

Accepted Answer

equilibrium price

Question 25

States when prices go up, producers are willing and able to supply more of that good/service

Accepted Answer

law of supply

Question 26

A system based on private ownership

Accepted Answer

market

Question 27

Individuals and businesses are free to buy and sell what they want.

Accepted Answer

market

Types of Economic Systems and Supply and Demand

Questions 27

Types of Economic Systems and Supply and Demand

Questions 27