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Economics Quiz 3

Match words with meanings.

Law of SupplyAs the price rises, quantity supplied will increase. As the price decreases, the quantity supplied will decrease.
Market EquilibriumThe place where a demand curve and a schedule curve meet on a graph.
SurplusExcess supply.
ShortageExcess demand.
Command EconomyAn economic system in which the government owns and operates the factors of production. Practiced in Cuba, China, and Laos.
Market EconomyAn economic system in where individuals own and operate the factors of production. Practiced in United States, Great Britian, and Japan.
Traditional EconomyAn economic system based upon customs and traditions. The Economy is based on hunting and agriculture.
Mixed EconomyAn economic system that has features of both market and command economies. There are no pure command or market economies.

Stefany Ralph

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