What is scarcity?

What type of economic system do most democratic countries have?

An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.

Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates

In which economic system do buyers control what is produced by making purchases.

In which economic system does the government own all businesses and resources and decide who gets what?

Market + Command = _________

What are the three economic questions every country must answer?

What is the definition of 'supply'?

businesses, property, and resources belong to individual citizens instead of the government is an example of ____________

An ______________ is the way in which a society or country organizes the production, consumption, and distribution of goods, services, and wealth.

People _______ by exchanging one good or service for another, instead of paying with money.

In a ________ economy, people produce what they need to survive by using traditional methods of agriculture, hunting, fishing, or gathering.

In a market economy, a country’s economic decisions are based on __________.

In a command economy, The government also ______________ by regulating which goods the country needs to import and which goods should be sold, or exported, to other countries.

there are no ________ market or ________ command economies

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