2.01 Quiz Part One

How much a good or service is available at different prices?

• Economics

• Supply

• Demand

• Scarcity

The desire to own something and the ability to pay for it.

• Economics

• Supply

• Demand

• Scarcity

In this type of Economy the government dictates everything.

• Traditional

• Command

• Mixed

• Market

A disadvantage of a command Economy is..

• Private Economic Freedom

• Equal Standard of Living

• Taxes must be paid

• Fewer Choices in the Market Place

Study of seeking to satisfy needs/wants through incentives, choices, and useof scarce resources

• Supply

• Economics

• Scarcity

• Demand

Cuba, North Korea, and Sweden are all examples of this type of economy.

• Traditional

• Command

• Market

• Mixed

In this type of economy the government takes care of peoples needs and market takes of wants.

• Traditional

• Command

• Market

• Mixed

A disadvantage of mixed economy is;

• taxes must be paid

• equal standard of living

• fewer choices in the market

• private businesses have economic freedom

Mixed economy is a mix between market and what other type of economy?

• Mixed

• Traditional

• Command

• Market

The advantage in a command economy

• fewer choices in the market place

• taxes must be paid

• equal standard of living

• private economic freedom