Yellow Workbook pages 25-31

Front

A country's economic system refers to

Back

the way in which it produces and distributes goods and services

Front

What are the 3 economic questions that every country's economy must answer?

Back

What to produce, how to produce, and for whom to produce?

Front

In a traditional economy, decisions about what, how and for whom to produce are determined by:

Back

cultural traditions

Front

In a command economy, decisions about what, how and for whom to produce are determined by:

Back

the government

Front

In a market economy, decisions about what, how and for whom to produce are determined by:

Back

supply and demand

Front

Which economic system is found in simple agricultural societies?

Back

traditional

Front

In which economic system are economic decisions made by the interaction of buyers and sellers?

Back

market

Front

Which economic system is characterized by total government control?

Back

command

Front

What determines "for whom to produce" in a market economy? Options: natural resources, opportunity cost, price

Back

price

Front

Which economic system gives consumers access to the most goods and services?

Back

market