Latest Economics Exam Prep |Updated| 100% Correct Answers

Latest Economics Exam Prep |Updated| 100% Correct Answers Any item that can be traded for goods or services *Ans* Money Anything that has value that can be touched *Ans* Goods Job done for money *Ans* Services When there is too much money and it becomes worthless *Ans* Inflation The way goods and services are produced, bought, and sold *Ans* Economy How much is available *Ans* Supply How much people want *Ans* Demand An economic system in which people choose freely what to buy and sell *Ans* Market Economy An economic system in which the government makes all economic decisions *Ans* Command Economy An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next *Ans* Traditional Economy Market-based economic system with limited government involv