Standard 5: Economic Decisions and Systems

A command economy is when the government is in control.

• True
• False

Which of the following countries has a command economy?

• Germany
• North Korea
• USA

In a command economy, individuals own the businesses.

• True
• False

A mixed economy is a combination of traditional and command economies and black markets.

• True
• False

What is an economic system characterized by central authority that makes most of the major economic decisions? 

• Command Economy
• Mixed Economy
• Traditional Economy

What type of economy does the US have?

• Mixed
• Traditional
• Market

In a market economy, ____________ decides what needs to be made.

• the producer
• the government
• the consumer

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Traditional
• Command
• Market

What is human capital?

• Taxes collected from a country's workers
• Skills and education workers have
• Money paid to workers for producing goods

________ is the most basic economic problem.

• Labor
• Scarcity
• Capital