different economic systems

Front

What basic question of economics solves the problem of having enough resources? Options: What to produce?, How to produce?, When to produce?, For whom to produce?

Back

How to produce?

Front

Society will never be able to satisfy all wants and ____.

Back

needs

Front

If you tell me a price on something and I offer you a different price, this is an example of what kind of economy? Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

Most economies are _____. Options: Traditional, Command, Market, Mixed

Back

Mixed

Front

In this type of economy, the individual decides who to sell their products to.

Back

Market

Front

This type of government typically goes with the Command Economy. Options: Democracy, Dictatorship, Autocracy, Communism

Back

Communism

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. Options: desire, demand, supply, scarcity

Back

scarcity

Front

_______ is another word for Market Economy.

Back

Capitalism