Economic Systems Review

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

• Command

• Socialism

• Market

• Traditional

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

What is scarcity?

• Unlimited wants and unlimited resources

• Unlimited wants, but limited resources

• An economic system

• Large supply of needs and wants

What are the three economic systems?

• Market

• Traditional

• Command

• Democratic

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

Oil, natural gas, and coal

• human resources

• natural resources

• entrepreneurship

• capital resources

What is a Economic system?

• An Economic system is a system of games in a country.

• An economic system describes how a country’s economy is organized.

• An economic system describes how much weapons a country has.

This type of economy has a combination of free market, government control, and traditional elements

• market economy

• mixed economy

• traditional economy

• command economy

A _____________ economy is driven entirely by voluntary exchange in markets

• Traditional

• Planned/Command

• Mixed

• Free Market