Define economics using the following terms: allocation, distribution, goods,
resources, production, and services. (2 points)
2.
What is scarcity, and how does it affect supply and demand in the game of
economics? (2 points)
3.
List the main differences between a free-market system, a command economy, and a
mixed economy. (5 points)
4.
What type of economic system does the U.S. have? Justify your answer. (2
points)