Economics: The Basics

Tools, machines, materials, plans, & procedures that aid in the production of goods &services.

China has a ______ economic system.

This is the currency of many countries in the European Union.

An econ sys in which people's roles are the same as those of their parents/grandparents called

The US has a __________ economic system. (pick the closest option)

Countries with this type of economic system are usually found in the "developing world".

The total amount of all goods and services produced in a country in one year.

In this kind of economy, prices are not controlled by the government.

This is the buying and selling of goods and services.

This refers to the basic needs of human survival such as food and water.

In most cultures this is used to help in the exchange of goods and services.

Gov owns & operates many of nation's major industries but allows for private property/ business

Econ decisions are result of individual decisions by buyers & sellers in the marketplace.

A free market economy is often associated:

This is the average amount of money made by people in a certain country.

Where the government sets the prices for goods and services

Almost all the stores, factories, & farms are owned and operated by private people or business

Sweden has a ______ economic system.

An economic system in which the means of production are owned and distributed by the government