Traditional economies must focus on the production of ___ because they are inefficient and do not produce enough excess food to support much specialization of labor. Most people are farmers, a few may be craftsmen, and a very small group may serve as religious or political leaders.
___ economies use the same methods to produce goods (mainly food) from generation to generation.
The lack of ___ in a traditional economy limits production because resources are not multiplied by its use.
___ decides who gets land, jobs, and leadership status in a traditional economy.
A ___ economy is controlled by central planners in a government.
Supply and price are decided by government ___ in a command economy.
Command economies promise economic security and stability through ___ (limiting freedom); historically this has not worked.
The ___ was a planned economy.
The ___ decides what will be produced in a command economy. It also decides how goods and services are produced and the amounts produced.
Historically, in command economies, the ___ Party members got the best and most of what was produced, leaving their "comrades" to stand in long lines for stores with mostly empty shelves.
___ economies are free from government interference and operate on the basis of supply and demand.
The government has a "___" policy -- it does not attempt to manage the economy in a true market economy.
___ decide what to produce through demand in a market economy.
If more consumers want and will buy some good or service ___ will be attracted to enter the market and fulfill consumer wants.
If consumers lose interest in a good or service the businesses providing these must find another ___ or go out of business.
___ must find efficient ways to produce goods to keep costs low, therefore increasing profits or permitting lower prices to compete with similar businesses for consumers.
Consumer ___ decides how much or how many of a particular good or service will be produced in a market economy.
Consumers decide whether to buy a good or service at a particular ___ in a market economy. Those able and willing to purchase an available item are free to do so.
The first basic economic question is "___ goods and services will be produced?"
The second basic economic question is "___ ___ goods and services be produced?
The third basic economic question is "___ ___ will be produced?
The fourth basic economic question is "___ ___ the goods and services produced?"