Economic Systems

Economic Systems

Open Ended

List all the materials and steps that would be necessary to produce a T-shirt.

Multiple Choice

What are two types of products in any economy?

• computers & automobiles

• goods & services

• farming & technology

• businesses & technology

Multiple Choice

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

• Mixed

• Market

• Traditional

• Command

Multiple Choice

People or businesses that create goods or services are known as

• Producers

• Consumers

• Entrepreneur

• Economists

Multiple Choice

People or businesses that buy or use goods or services are known as

• Producers

• Consumers

• Entrepreneur

• Economists

Multiple Choice

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Multiple Choice

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Multiple Choice

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

Multiple Choice

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

Multiple Choice

Both supply and demand and the government influence how resources are used to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Multiple Choice

People use the resources they have to make only what they need to survive.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Multiple Choice

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Multiple Choice

The government plans how to use resources to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Multiple Choice

A basic industry is something that humans need to fulfill their basic needs which of the following is not an example of a basic industry

• Health Care

• Fuel

• Smart Phone

• Housing

Multiple Choice

A nonbasic industry is something that humans want but don't need to fulfill their basic needs. Which of the following is not an example of a nonbasic industry or good

• Television

• Xbox

• Smart Phone

• Housing

Multiple Choice

the three basic economic systems are

• market, mixed, and monarchy

• market, mixed, and oilgarchy

• command, market, and mixed

• democracy, traditional, and mixed

Multiple Choice

Work done by producers for other people is called a

• good

• service

• favor

• doing someone a solid

Multiple Choice

A person who buys a good or uses a service is known as a

• dictator

• monarch

• merchant

• consumer

Multiple Choice

Products that are made to be sold are called _____________, Examples of them are cars, iphones, and clothing

• Goods

• Services

• Money

• Consumers

Multiple Choice

A system of producing, distributing, and consuming goods and services is known as a

• Government

• Constitution

• Economy

• Culture