Competition

Match the type of economy to the correct definition. Market economy Businesses that are owned and run by individuals or groups that decide which goods and services they will buy or make, how they will spend their money, and what kind of work they will do Command economy The government or some central power makes most of the economic choices. Traditional economy Shows little change from earlier times. Most people do the same kinds of work as they have always done. What is subsistence farming? An economic system is... The way people in a country use resources to produce goods and services The way countries meet their needs Different economic institutions such as banks and governments All of the above Fill in the blank with the correct vocabulary word. When buyers and sellers exchange goods and services, it is a market. It is not a physical place.Competition is when at least two players want to get a share of the market. What is Free Enterprise? Sort the description into the correct economic system. Command economy Farms and factories are controlled People are not free to to make their own decisions Consumers are told what and how much they can purchase Traditional economy Most people do the same kinds of work as they have always done Economic choices are based on custom or habit There is little change from earlier times Market economy Businesses are run by individuals or groups Businesses get to decide which goods and services they will buy or make Individuals decide how they will spend their money and what kind of work they will do