SS7E4 a,b

The 3 questions of economics are

• What to produce, how to produce, for whom to produce
• what to produce, when to produce, how to produce
• what to produce, who produces it, for whom to produce
• there is not 4th option

who answers the economic questions in a traditional economy?

• supply and demand
• the queen of England
• customs and the community
• Dr. Stamper

Who answers the economic questions in a free market economy?

• consumers
• the government
• customs and traditions
• Ms. Glasgow

_______ owns property and resources in a command economy

• the people
• the government
• shared
• IGNORE THIS BOX

_________ and ____________ determine economic decisions in a market economy

• ebony and ivory
• peanut butter and jelly
• Supply and demand
• Drake and Future

Do consumers have a choice of what to buy in a command economy?

• Yes
• No
• Who knows
• I don't care

Who answers the economic questions in a mixed economy?

• the government
• businesses
• consumers
• all of these options are correct

a mixed economy is a combination of what two economic systems?

• command and traditional
• market and command

This economic system is based on farming, trading, customs, and traditions

• market
• command
• mixed
• traditional

this economic system has no competition and all decisions are made by the government

• traditional
• market
• command
• mixed