Economy Vocabulary

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Match the vocabulary word with the correct definition.

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economy

Traditional economy

Command economy

Market economy

Mixed economy

Scarcity

Supply

Demand

Consumer

Resource

Goods

Services

Credit

Debt

Bank

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money owed, usually as a result of borrowing.

duties performed by one person for another, such as teaching and transportation.

an economy in which most allocations of resources occur as a result of interactions between buyers and sellers of goods and s

a person who buys and uses up goods.

The way a country manages its money and resources (such as workers and land) to produce, buy, and sell goods and services. a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale. an economy in which most allocations of resources occur as a result of interactions between buyers and sellers of goods and services. duties performed by one person for another, such as teaching and transportation. A financial institution that accepts deposits and withdrawals of 

a state of something being in short supply.

products like cars, computers, or corn.

the ability to borrow money.

a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sa

a society that relies on customs, history, and time- honored beliefs.

The way a country manages its money and resources (such as 

how much of something is available.

a measure of how many people want to buy a particular good or service.

a usable stock or supply.

a combination of a market and a command economy.