Micro Economics

Government regulates certain industries.

• Market

• Command

• Mixed

• Traditional

If the government makes me produce 70 T-Shirts, what economic system is this?

• Market

• Command

• Mixed

• Traditional

Which type of economy has the government making all decisions?

• Market

• Command

• Mixed

• Traditional

Which type of economy involves trading, and doesn't usually use money?

• Market

• Command

• Mixed

• Traditional

What type of economy does the United States have?

• Command

• Traditional

• Mixed

• Market

Which type of economy is run by the businesses and business owners with no government involvement?

• Market

• Command

• Mixed

• Traditional

Point B represents

• Product Market

• Factor Market

• Individuals

• Businesses

What are the four main parts of the circular flow diagram?

• Product Market, Stock Market, Factor Market, Fish Market

• Product Market, House Market, Factor Market, Good Market

• Factor Market, Product Market, Households, Firms

• Factor Market, households, Stock Market, super market

What does point A represent on the Circular flow diagram?

• Households

• Businesses

• Factor Market

• Product Market

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

• Factor Market

• Product Market

• Firms

• Individuals