Question

1.2. Give the word/term for the following: 1.2.1. People in different countries have different needs and wants with limited resources to satisfy their needs. 1.2.2. Producing too much of a specific commodity. 1.2.3. The most extreme form of a planned economic system. 1.2.4. A model that describes the movement of money, goods and services and factors of production in the economy and between participants. 1.2.5. Market for goods and services. ​

Answer 1

1.2.1. Scarcity

1.2.2. Overproduction

1.2.3. Command economy

1.2.4. Circular flow model

1.2.5. Product market

Step-by-step explanation: