Economic Systems

Economic Systems

by Patricia McGonagle

Multiple Choice

__________ : when people want or need more of something than there is.

• Scarcity

• Profit

• Opportunity Cost

• Tax

Multiple Choice

Which of the following is NOT one of the basic questions that all economic systems must answer:

• What to produce

• How to produce

• How much to produce

• For whom to produce

Multiple Choice

In a command economy, economic decisions are made by the

• Consumers

• market

• government

• producers

Multiple Choice

Who owns the resources in a command economy?

• the government

• no one

• individuals

• private business

Multiple Choice

How are goods and services exchanged in a traditional economy?

• through prices and wages

• through government regulation

• through bartering

• through shortages and surpluses

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

This is an economic system where people follow the occupation of their ancestors:

• Command

• Market

• Mixed

• Traditional

Multiple Choice

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market

• Traditional, Command, Combined, & Market

• Communism, Capitalism, Free Market, and Macroeconomics

• Microeconomics, Macroeconomics, Individual, and Traditional.

Multiple Choice

An economic system that allows individuals to start businesses, but still has government regulations is

• Traditional

• Market

• Command

• Mixed

Multiple Choice

Most democratic countries today have which economic system?

• Traditional

• Market

• Command

• Mixed

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

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

Most countries in the world have a ___________________ economy.

• Traditional

• Command

• Mixed

• Market

Multiple Choice

Which economy is not on the economic continuum?

• Mixed

• Traditional

• Command

• Market