Economy of Europe Review 2024

Front

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is an economic system in which economic decisions are made according to social roles & culture?
Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy

Front

What is an economic system where only the government makes the economic decisions?

Back

command economy

Front

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

Back

Mixed economy

Front

What are the 3 economic questions?

Back

What to produce? How To Produce? For whom to produce?

Front

If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?

Back

Traditional

Front

________ is the most basic economic problem.

Back

Scarcity

Front

When people want or need more of something than there is.

Back

Scarcity

Front

Anyone who makes or grows a good or performs a service.

Back

Producer

Front

What happens to the price of a product when it is scarce?

Back

Price Increases