Economic Quiz

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Economics
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The study of the choices that people make to satisfy their needs and wants
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Producers
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Make things or provide services that satisfy people’s needs and wants
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Consumers
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People who decide to buy things and services
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Capital
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Resources used to create a product
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Entrepreneurship
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Starting a new business or introducing a new product
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Credit
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Use of an item before completing payment for that item (cars)
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3 economic questions
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1. What to produce 2. How to produce it 3. For whom to produce
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Traditional
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Based on customs, provide own goods and services (barter)
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Command
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Government officials answer the questions and individuals have little or no say
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Market
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Individuals answer the three questions
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Mixed
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Combines elements of traditional, market and mixed
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Socialism
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The government owns and controls key industries such as electric transportation, everything else is privately owned and operated
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Communism
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The government owns and controls all means of production; the government answers to three questions
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Capitalism
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Individuals answer three questions, government regulation, not ownership
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Demand
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The amount of goods that a consumer is willing and able to buy
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Supply
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The amount of goods and services a person is willing to offer at various prices in a given time
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Currency
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Money
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Economic spectrum words
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U.S capitalism China socialism Government control N.Korea communism

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