ECONOMICS QUESTIONS AND GRADED ANSWERS, 100%
GUARANTEE
Any item that can be traded for goods or services - Money
Anything that has value that can be touched - Goods
Job done for money - Services
When there is too much money and it becomes worthless - Inflation
The way goods and services are produced, bought, and sold - Economy
How much is available - Supply
How much people want - Demand
An economic system in which people choose freely what to buy and sell - Market
Economy
An economic system in which the government makes all economic decisions - 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 - Traditional Economy
Market-based economic system with limited government involvement - Mixed Economy
GUARANTEE
Any item that can be traded for goods or services - Money
Anything that has value that can be touched - Goods
Job done for money - Services
When there is too much money and it becomes worthless - Inflation
The way goods and services are produced, bought, and sold - Economy
How much is available - Supply
How much people want - Demand
An economic system in which people choose freely what to buy and sell - Market
Economy
An economic system in which the government makes all economic decisions - 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 - Traditional Economy
Market-based economic system with limited government involvement - Mixed Economy
