Teachers, Nurses, Doctors, Mechanics are all examples of

Food, Clothing, Materials are all examples of

A person who makes goods or provides services are called

A person who buys goods or services

Which of the following is NOT one of the basic economics questions that all societies must answer?

What are the 2 principles of scarcity?

What are the 2 factors of economics choices?

What are the four factor of production?

Economic System in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation

Economic system that is based on individual choice, consumers and producers drive the economy

Economic system in which the government decides what goods and services will be produced, how they will be produced, and how they will be distributed

What is the section on the left side of the Circular Flow Model?

What is the section on the top of the Circular Flow Model?

What is the section on the right side of the Circular Flow Model?

What is the section on the bottom of the Circular Flow Model?

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