The Big Three Questions

Every economic system in the world, past and present, has to answer these three questions: What to produce? (How did economists answer this question?)

• By analyzing consumer needs and available resources

• By following government orders only

• By producing everything equally

• By ignoring market demand

Every economic system in the world, past and present, has to answer these three questions: For whom to produce it?

• True

• False

Who owns the factors of production?

• Individuals

• The government

• Both individuals and the government

• No one

The big three questions are:

• Who am I? Where am I? Why am I here?

• What is the capital of France?

• How many continents are there?

• What is the speed of light?

One of the 4 different economic systems is _________

• Traditional

• Democratic

• Feudal

• Technological

One of the 4 different economic systems is _________

• Command/Socialism

• Barter/Exchange

• Feudalism

• Gift Economy

One of the 4 different economic systems is _________

• Capitalism/Free Market

• Feudalism

• Barter System

• Mercantilism

One of the 4 different economic systems is _________

• Mixed

• Barter

• Feudal

• Gift

Which is not one of the 4 economic systems?

• Traditional

• Command

• Market

• Democratic

What is a traditional economic system based on?

• Customs and traditions

• Modern technology

• Government planning

• Free market