KIRIAN Economics Final Exam Review

Front

The three main types of economic systems are: Command, Mixed, & Market

Back

Command, Mixed, & Market

Front

A Command economy is when a central authority, like the government, is in control.

Back

True

Front

What are the 3 economic questions?

Back

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

Front

An advantage to both a Mixed and Market economy is...

Back

A lot of individual freedom

Front

A Mixed economy is a combination of characteristics from Command and Market economies. True or False?

Back

True

Front

Through this market, businesses buy resources/FOP they need in order to produce goods and services.

Back

Factor/Resource market

Front

What do Households provide to/through the Resource market?

Back

land, labor, capital, and entrepreneurship (the FOP/resources)

Front

In this picture, what should replace B? Options: Factor Market, Businesses/Firms, Product Market, All of the above

Back

Product Market

Front

In the picture, what should replace A.? Options: Factor/Resource Market, Product Market, Income, Businesses

Back

Factor/Resource Market

Front

Look at the picture. What should replace Y? Options: Consumers, Households, Firms, Businesses, Factors, Revenue

Back

Firms, Businesses