Economics Vocabulary Quiz 1

Which is not one of the THREE basic economic questions?

• What to produce?
• How to procduce?
• How much will it cost?
• For whom to produce?

Which is the proper definition....Not having enough of "something" to meet all of the desired needs and/or wants.

• Limit
• quota
• scarcity
• profit

An economic concept that the price of a good or service will be determined by availability.
Which term best fits this description?

• wage
• barter
• supply/demand
• consumer and producer

What is a system of trade where goods and services are exchanged fore other goods and services and no MONEY is exchanged?

• Wage
• command economy
• subsistence
• barter

A form of economy where the government decided what goods will be produced, how they will be produced, and how they will be distributed?

• Traditional
• Mixed
• Command
• Market

Which economy does every country in the world have in place to some degree or extent?

• Command
• Market
• Mixed
• Traditional

Which economy is based on individual choices and voluntary trade? Competition is important here 

• Traditional
• Command
• Market
• Mixed

This is a system that allows business owners to compete in the market with little government control.

• Traditional
• free enterprise
• economic continuum
• command

This type of economy allows social roles and customs to determine how goods are made, bought, and sold.

• Supply/demand
• Market
• Traditional
• Command

Which term best fits this definition? The way in which a nation uses it's resources to satisfy peoples needs and wants.

• scarcity
• economic system
• barter
• interdependence