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Unit 1 Vocab

QuestionAnswer
Economic System How a country or culture provides goods and services.
Traditional System An economic system based on previous ways of life and culture.
Market System An economic system in which people, but not the government, control how goods and services are provided.
Consumer A person who buys goods and services.
Profit The money a business makes when each cost is paid.
Command System An economic system where the government controls how goods and services are provided.
Mixed System An economic system that has the government and other people control how goods and services are provided.
Standard of Living A way to measure how well wants and needs of Americans are met by a country's economic system.
Created by: Drew_St
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