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Vocabulary List #7

Economics

TermDefinition
traditional economy an economic system where are all decisions are based on cultural traditions and customs
market economy an economic system in which prices, wages, and production are determined by consumers and not by the government
command economy an economy where the government controls all economic decisions
mixed economy an economy where both market and government forces impact what consumers can buy
What to produce? (goods and services) One of three basic economic questions every society must answer; how to make the best use of limited resources to satisfy human needs and wants. Ex. produce kitchen appliances or weapons, build and fix roads or buy textbooks for schools.
How to produce? One of three basic economic questions every society must answer. Ex. Should we use copper or plastic to make pipes? Should machines be used to make clothing or should workers make it by hand? Which fertilizer is best for growing strawberries?
For whom to produce? One of the three basic economic questions every society must answer. Ex. Once produced, who will get to consume them? Will it be a first-come, first-served basis? Should given out by height, weight, age, gender, strength, or wealth?
Created by: McClure 6 SS
 

 



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