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"Markets, Models & Missing Words!"

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"Markets, Models & Missing Words!"

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Created by

Nour Khadra
Nour Khadra
Lebanon

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"Markets, Models & Missing Words!"
 

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"Markets, Models & Missing Words!"Online version

Fill in the blanks with the word that you think fits best.

by Nour Khadra
1

traditional

In a economy , people make decisions based on customs and habits .

2

change

A traditional economy is known for having little and strong community roles .

3

market

A economy allows individuals and businesses to make their own choices .

4

profit

The idea of free enterprise and motive drives market economies .

5

command

In a economy , the government makes all economic decisions .

6

mixed

A economy mixes elements of traditional , command , and market systems .

7

Adam

Smith is known as the " father of capitalism . "

8

invisible

His famous idea was the hand , meaning that self - interest benefits society .

9

laisser

Smith supported - faire policies , where governments limit their involvement in the economy .

10

Comparative

advantage means countries should specialize in what they produce most efficiently .

11

waste lack of

A major advantage of traditional economies is the , because people produce only what they need .

12

The term " invisible hand " was introduced by Adam Smith to describe how self - interest benefits society .

13

profit

The drive to make money is called the motive .

14

incentive

A key disadvantage of a command economy is the lack of , which can reduce motivation and innovation .

15

social

In a mixed economy , the government tries to reduce the gap .

 
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