Economics Basics - Lawhead

The amound of a good or service that is reaily available:

• supply
• demand

The amount of a good or service that consumers are willing to purchase:

• supply
• demand

You are a __________ when you purchase a good or service.

• carnivore
• consumer
• supplier
• dealer

Which questions are the three basic questions that all economic systems must answer?

• What goods and services will be produced?

• Do people have freedom of choice?

• How much agriculture will be utilized?

• How will goods and services be produced?

• For whom will goods and services be produced?

The ______ system exists when the government controls the factors of production.

• Command
• Free Market
• Traditional

In the ________ economy, people will follow customs and habits from the past to resolve most economic issues of production and distribution.

• Market

• Command

• Traditional

The ________ economy allows businesses to pursue profit without government interference.

• Market
• Command
• Traditional

Who decides what businesses will work on in a command economy?

• government
• tradition
• the people

What decides your role in a traditional economy?

• Government
• The Bosses
• Tradition and customs

Who decides what businesses will work on in a market economy?

• The government
• business owners