Economy Quiz

What is a producer?

• A person who makes goods or services to sell

• A person who owns goods or services

• A person who buys goods or services

• A person who consumes goods and services

What is a consumer?

• A person who consumes goods and services

• A person who makes goods or services to sell

• A person who owns goods or services

• A person who buys goods or services

What is a free enterprise system?

• An economy where people are free to start their own businesses or produce whatever they want

• An economy where the government decides what goods and services can be sold

• An economy where supply and demand determines goods and services

• An economy where producers can create any goods or services without restrictions

What are needs and wants in an economy?

• Things you must have to survive and things you would like to have but can do without

• Things you can buy and things that are given for free

• Things you can produce and things you can consume

• Things you can sell and things you can buy

What are goods in an economy?

• Actual products that you can buy

• Things that other people do for you

• Things you must have to survive

• Things you would like to have but can do without

What is a market economy?

• An economy where producers can create any goods or services without restrictions

• An economy where the government decides what goods and services can be sold

• An economy where supply and demand determines goods and services

• An economy where people are free to start their own businesses or produce whatever they want

What is a command economy?

• An economy where the government decides what goods and services can be sold

• An economy where people are free to start their own businesses or produce whatever they want

• An economy where supply and demand determines goods and services

• An economy where producers can create any goods or services without restrictions

What is private property in an economy?

• The land or goods that are not owned by anyone

• The land or goods that are shared by everyone

• The land or goods that the government owns

• The land or goods that people or companies own

What role does the government play in a market economy?

• The government sets rules to ensure smooth operation

• The government has no role in the economy

• The government controls all aspects of the economy

• The government only produces goods

What are public goods and services provided by the government?

• Goods and services that are only available to the wealthy

• Goods and services that are free for everyone to use

• Goods and services that are only available to producers

• Goods and services that are not important for the economy