midterm unit 2

Question 1

Market economy Vs. Command economy

Answer 1

Market economy- US, individuals and companies are supply
Command economy- Communism, government controlled

Question 2

Resource market (circular flow)

Answer 2

Sell resources to businesses, individuals give resources via working

Question 3

product market (circular flow)

Answer 3

Demand for products from individuals, goods and services go from businesses to product market

Question 4

households/individuals (circular flow)

Answer 4

Supply resource market via working, buy goods from product market

Question 5

business sector (circular flow)

Answer 5

Get resources from resource market, sells products in product market