Economic Systems Test Review

How many major economic questions are there? 

• 1
• 2
• 3
• 4

this is a structure of methods and principles that society uses to produce and distribute goods and services

• economic graph 
• PPC graph 
• economic system 
• macroeconomics 

In this economy decisions are based on customs & beliefs 

• traditional 
• command 
• market 
• mixed 

In this economic system the government makes all economic decisions & owns most of the property 

• mixed 
• command 
• tradtional 
• free market 

What type of government is used in a command or centrally planned economy 

• democracy 
• monarchy 
• communism 
• republic 

In this type of economic system decisions are made by individuals and buisinesses

• command 
• free market 
• centrally planned 
• traditional 

These own the factors of production 

• firms 
• buisinesses 
• households 
• all of the above 

These transform factors of production into products  or services 

• households 
• firms 
• market 
• free economy 

In this market firms purchase factors of production from households 

• product market 
• factory 
• factor market 
• free market 

the arena of exchange in which households purchase goods and services from firms

• factor market 
• resource market 
• factory 
• product market