Question

part ii: vocabulary
use your notes to define the four vocabulary terms you selected under part 1.

vocabulary term | definition

1. economy | the wealth and resources of a country, especially in terms of the production and consumption of goods and services.
2. entrepreneurs | people who own and control their own businesses.
3. supply and demand | the amount of goods available and the desire for people to buy them.
4. currency | money used for the exchange of goods and services.

part iii: summary
after completing parts i and ii, complete the paragraph below to summarize what you learned about mixed market economies.

an economy is a system that includes the __________ and ________ of a country. a mixed market economy is a type of economy that includes characteristics of ________ and ________ economies. in a mixed market, prices are set through ________ and ________. this means how much of a good is ________ and how willing consumers are willing to ________ a good. in a mixed market, consumers use ________ to purchase goods and services. this type of economy include ________ entrepreneurs. mixed markets can be found in ________, __________, and much of europe.

word bank
command · purchase · many · market · canada · demand · wealth · supply
united states · resources · available · currency

Explanation:

To solve the fill - in - the - blank summary about mixed market economies, we analyze each blank based on the vocabulary terms and the context of mixed market economies:

Blank 1 and 2:

From the definition of "economy" (the wealth and resources of a country...), the first two blanks should be "wealth" and "resources" as an economy is a system that includes the wealth and resources of a country.

Blank 3 and 4:

A mixed market economy combines characteristics of market and command economies. So these two blanks are "market" and "command".

Blank 5 and 6:

In a mixed market, prices are set through supply and demand. So we fill in "supply" and "demand" here.

Blank 7:

The phrase "how much of a good is..." refers to its availability. So we use "available" here.

Blank 8:

Consumers are willing to "purchase" a good. So this blank is "purchase".

Blank 9:

Consumers use "currency" to purchase goods and services. So we fill in "currency".

Blank 10:

A mixed market economy includes "many" entrepreneurs.

Blank 11 and 12:

Countries with mixed market economies include the United States and Canada (along with much of Europe).

The completed paragraph is:

An economy is a system that includes the \(\boldsymbol{wealth}\) and \(\boldsymbol{resources}\) of a country. A mixed market economy is a type of economy that includes characteristics of \(\boldsymbol{market}\) and \(\boldsymbol{command}\) economies. In a mixed market, prices are set through \(\boldsymbol{supply}\) and \(\boldsymbol{demand}\). This means how much of a good is \(\boldsymbol{available}\) and how willing consumers are willing to \(\boldsymbol{purchase}\) a good. In a mixed market, consumers use \(\boldsymbol{currency}\) to purchase goods and services. This type of economy include \(\boldsymbol{many}\) entrepreneurs. Mixed markets can be found in \(\boldsymbol{United States}\), \(\boldsymbol{Canada}\), and much of Europe.

Answer:

1. wealth
2. resources
3. market
4. command
5. supply
6. demand
7. available
8. purchase
9. currency
10. many
11. United States
12. Canada