Economic systems 1

What are the three basic types of economic systems?

• A. Market, traditional, and command

• B. Socialist, communist, and capitalist

• C. Traditional, capitalist, and socialist

• D. Command, market, and communist

What are needs?

• A. Items that people want to make their lives more comfortable

• B. Items that are not necessary for survival

• C. Basic materials that people cannot live without

• D. Goods and services that people obtain to satisfy their wants

What are wants?

• A. Items that people need to survive

• B. Basic materials that people cannot live without

• C. Items that can make life easier or more enjoyable

• D. Goods and services that people obtain to satisfy their needs

What is the want-satisfaction chain? Simply it is the process of obtaining ____________

• A. goods and services to satisfy people's needs

• B. basic materials to survive

• C. luxurious items to satisfy people's wants

• D. None of the above

The right to buy and sell goods as anyone wants is called a ________market.

• A. Block

• B. Free

• C. Restricted

• D. None of the above

Sellers try to price their goods lower than their competitors so that people will be able to ______ them

• A. Bury

• B. Buy

• C. Borrow

• D. All of the above

In a market economy, people are free to start a business and pursue ________.

• A. goods

• B. Products

• C. Both A & B

• D. Profit

____________is the money that a business has left after it has paid its expenses.

• A. Cost

• B. Price

• C. Profit

• D. None of the above

Changes in prices are usually the result of the laws of ___________ es are usually the result of the laws of ___________

• A. The buyers & sellers

• B. Goods and services

• C. Supply and demand

• D. None of the above

In business, the key term, ________ refers to the lack of a particular resource.

• A. Scar

• B. Scare

• C. Scarcity

• D. All of the above