Economics and Business Concepts Quiz

What is the word that refers to the idea that we are unable to satisfy all of our wants and needs because resources and goods are limited?

What are the 4 basic questions that must be answered in all economic systems?

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What is an incentive?

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Someone opens a booth at a flea market. What factor of production does this represent?

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What type of economic system do most countries today have?

In that economic system, who makes decisions in the private sector?

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In that economic system, who makes decisions in the public sector?

Identify the economic systems FOR EACH of the following. ***NOT A MULTIPLE CHOICE QUESTION*** Minimal government involvement:

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Little consumer choice and total government control:

Economic decisions are based on custom and past decisions: