1) An economic system where individuals own and operate the economy. a) Market b) Command c) Traditional d) Mixed 2) An economic system where government owns and operates the economy. a) Market b) Command c) Traditional d) Mixed 3) An economic that is based on customs and traditions and people usually trade and barter. a) Market b) Command c) Traditional d) Mixed 4) An economic system that is contains characteristics of command and market economies. a) Market b) Command c) Traditional d) Mixed 5) The buying and selling of goods through the transfer of some type of currency. a) Economics b) Equilibrium c) Supply d) Demand 6) The quantity that a producer is willing to make. a) Economics b) Equilibrium c) Supply d) Demand 7) The quantity that a consumer is willing to buy a) Economics b) Equilibrium c) Supply d) Demand 8) An individual or group that is willing to buy or use a product. a) Consumer b) Producer c) Equilibrium d) Economics 9) An individual or group that is willing to produce or make a product. a) Consumer b) Producer c) Equilibrium d) Economics 10) The price and quantity at which a producer and consumer agree upon. a) Consumer b) Producer c) Equilibrium d) Economics 11) As the price of a product increases so does the quantity. a) Law of Supply b) Law of Demand 12) As the price decreases so does the quantity. a) Law of Supply b) Law of Demand 13) As the price decreases the quantity increases. a) Law of Supply b) Law of Demand 14) As the price increases. the quantity decreases.  a) Law of Supply b) Law of Demand

Economics Vocabulary and Types of Economic Systems

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