Economic Systems and Macroeconomics

What type of economic system allows the government to decide what to produce, how to produce, and for whom to produce?

• Market

• Mixed

• Command

• Traditional

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

The four types of economic systems are:

• traditional, command, mixed, and market

• traditional, command, combined, and market

• communism, capitalism, free market, and mixed

• individual, traditional, microeconomics, and macroeconomics

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?

• traditional

• market

• command

• centrally planned

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• traditional

• market

• command

• centrally planned

What are the 3 economic questions?

• What to produce? How to produce? When to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

• What to produce? How to produce? For whom to produce?

________ is the most basic or fundamental economic problem.

• Greed

• Labor

• Scarcity

• Capital

When someone or a business chooses to specialize or produce certain items

• Entrepreneur

• Economics

• Voluntary Exchange

• Specialization

A person who comes up with a product or service and finds the money and time to produce this new product

• Entrepreneur

• Incentive

• Specialization

• Barter

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy