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Words to own.

Vocabulary List 1- Pre-assessment of your knowledge of the definitions to the economic vocabulary terms. Write the letter to the left of the term you are sure that it is correct. Write it on the right of the word if you are not sure. Words to own. Traditional economy Command economy

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Words to own.

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  1. Vocabulary List 1- Pre-assessment of your knowledge of the definitions to the economic vocabulary terms. Write the letter to the left of the term you are sure that it is correct. Write it on the right of the word if you are not sure.

  2. Words to own. • Traditional economy • Command economy • Market economy • Mixed economy • Supply • Demand • scarcity

  3. A • The amount of goods or services available at any given time

  4. B • The economic system based on individual choices and voluntary trade.

  5. C • A word economists use to describe the conflict between people’s desires and limited resources.

  6. D • Economic system that has features of traditional, command, and market systems.

  7. E • An economic system in which social roles and culture determine how goods are made, sold, and bought (subsistence level)

  8. F • an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed

  9. G • The desire to own something and the ability to pay for it

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