Written by: Theresa Drew

TRUE or FALSE? Supply is the amount of a good available for purchase.

TRUE or FALSE? A producer buys goods from a consumer.

This economic system has the government setting production goals. None of the above Free Enterprise or Market Economy Traditional or Subsistence Economy Mixed Economy Command Economy

This economic system has people who grow or produce what they need using hand tools. Economic System Command Economy Mixed Economy Free Enterprise or Markey Economy Traditional or Subsistence Economy

TRUE or FALSE? Advertisements are used by producers to make consumers think of ‘wants’ as ‘needs.’

TRUE or FALSE? Income is money earned for work performed.

TRUE or FALSE? Peanut butter, bread, ice cream, and cars are examples of services.

All of the following are goods except Posters Pencils Can of beans New car Taxi ride

Things that are not necessary for survival are called

This economic system has features of Market Economies and Command Economies.

TRUE or FALSE? The new game system has a high demand and low supply resulting in an inexpensive price.

Which of the following is not a limitation of bartering? None of the above You may not have a good the other person wants. A person may not have the goods you want. A person can chose not to trade with you. You have money to buy what you want.

Work performed for you by another is called Doctors Teachers Waitress Maid

The amount of people who want a good or service is called the

TRUE or FALSE? In a Market or Free Enterprise Economy, the government plans and controls what goods can be produced.