Economic Systems

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods and services will be produced?, Who is responsible for producing goods and services?, How will goods and services be distributed to customers?

Back

What is the price of the goods?

Front

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Back

Command

Front

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Back

Traditional

Front

If there is only frictional and structural employment present in an economy, a country has achieved:

Back

Full Employment

Front

"Making the most of society's resources" best describes:

Back

Economic Efficiency

Front

What is scarcity?

Back

Unlimited wants, but limited resources

Front

trading without using money

Back

bartering

Front

How would a free market economy be described? Options: An economy in which decisions are made by the government., The international exchange of goods., An economy based on supply and demand with little or no government control, An economy that is communist

Back

An economy based on supply and demand with little or no government control

Front

Oil, natural gas, and coal

Back

natural resources

Front

What is an Economic system?

Back

An economic system describes how a country’s economy is organized.