What is a free market economy? (Living in a Free Market Economy)
The people have the right to choose what product and services they will buy and sell
The government decides what price goods must be sold at.
The government decides what products people will buy and sell.
The people have the right to decide what they will sell, but the government decideds on the prices.
In the example of the oranges, why did the price of oranges increase? (Living in a Free Market Economy)
Supply and demand were the same.
Supply was low and demand was high.
Supply was high and demand was low.
Oranges were not in demand.
When supplies of a good do not change often, how is the demand affected? (Living in a Free Market Economy)
The demand for the good stays the same.
The demand for the good decreases.
The demand for the good increases.
The demand goes away for awhile, then returns.
What is it called when you exchange goods or services with someone in exchange for other goods and services? (Technology and the Free Market)
selling
buying
bartering
market exchange
In ancient times, people gathered together to buy, sell, and trade goods and services. Where would they gather to do that? (Technology and the Free Market)
common areas called markets
in shopping malls
on the internet
in private homes
What has happened in the past twenty years that has changed the marketplace? (Technology and the Free Market)
Bartering has become illegal.
Most people have internet access in their homes, so they shop online.
People don't shop as oftern.
The free market has not changed.
How might a drought affect the supply and demand of organic crops? (Government Rules Affect What We Pay)
The supply will increase, so the demand will increase.
The supply will increase so the demand will decrease.
The supply will decrease, so the demand will decrease.
The supply will decrease, so the demand will increase.
Another word for a buyer is a ______.
producer
consumer
free market
pesticide
The number of people that want goods that are in supply is called _____.
demand
supply
good
service
Food products and things people want or _____.
demand
supply
goods
need
Items people make or grow are ______.
services
goods
wants
needs
The way a country makes and uses money, goods, services, and natural resources is called the _________.