Economic Systems

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods and services will be produced?, What is the price of the goods?, Who is responsible for producing goods and services?, How will goods and services be distributed to customers?

Back

What is the price of the goods?

Front

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Back

Command

Front

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Back

Traditional

Front

If everyone who wants to work can find a job, a country has: Inflation, Economic Freedom, Full Employment, Employment Insurance

Back

Full Employment

Front

"Making the most of society's resources" best describes: Economic Efficiency, Economic Growth, Economic Security, Economic Freedom

Back

Economic Efficiency

Front

What is scarcity?

Back

Unlimited wants, but limited resources

Front

trading without using money

Back

bartering

Front

How would a free market economy be described?

Back

An economy based on supply and demand with little or no government control

Front

Oil, natural gas, and coal

Back

natural resources

Front

Economic system

Back

An economic system describes how a country’s economy is organized.