Roy CainEcon Quiz 1.5, SS6E7

1. Barter is exchanging goods for

• money
• other goods
• free
• currency

2. Command Economy

• Traditions and Customs
• No Government allowed
• Run by consumers and producers
• Government Control 

3. Economic Systems answer

• what to produce
• how to produce
• who gets it
• All 3 ? what to produce, how to produce, who gets it

4. Entreprenuer: person who takes a risk to start a business

• True
• False

5. Free Enterprise economy is most like which economic system?

• Traditional Econ
• Command Econ
• Market Econ
• Mixed Econ

6. Market Economy

• blend of traditional and command
• blend of traditional and market
• blend of blend of command and mixed
• blend of command and market economies

Production Quota

• unlimited amount of something
• a limited amount of something
• a limited amount of something in a certain amount of time

8.  Subsistence

• Producing enough to sell for profit
• Producing enough for family survival
• Having extra to sell

9. Traditional Economy

• government control
• consumer, producer, gov control
• Based on the customs, habits, culture, history
• Same as a mixed economy

10. Wage

• similar to a wedge used in forestry
• unearned pay
• money earned for work