Economies and Price

Which type of economy is described here?

'An economy in which ordinary people decide what, how, and for whom to produce goods and services'

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Which type of economy is described here?

'An economy in which each generation lives the way earlier generations did'

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Which type of economy is described here?

'An economy in which the government makes most of the decisions about production and distribution'

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Which type of economy is described here?

'An economy that combines some elements of all three types of economics'

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

When the amount of an item supplied is smaller than amount demanded, you have a ____________.

• shortage

• surplus

• deficit

• equilibrium

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

When the amount of an item supplied is greater than the amount demanded you have a _______

• a shortage

• a surplus

• scarcity

• opportunity cost

When the amount of an item supplied and amount demanded is equal

• surplus

• shortage

• equilibrium

• scarcity

The newest Jordans release caused Foot Locker to sell out of their supply in less than one hour. What caused the Jordans to sell out so quickly?

• Demanded was higher than supply

• Supply was higher than demand

If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?

• shortage

• surplus