Economic Quiz

Characterized by more government ownership and central planning.

• Traditional Economy

• Command/Socialist Economy

• Market

• Mixed Economy

The amount at which a good or service will be sold at in a market.

• scarcity

• price

• economy

• resources

A combination of a command and a market economy.

• Traditional Economy

• Socialist Economy

• Command Economy

• Mixed Economy

The knowledge, efforts, and skills people bring to their work, also known as labor.

• human resources

• natural resources

• entrepreneurial resources

• capital resources

The type of economy where people believe in doing things the same as it has always been done in the past.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

The condition that exists when wants exceed resources available to satisfy wants.

• price equalibrium

• suppy

• demand

• scarcity

Things that you must have in order to survive. (clothes, water, shelter)

• wants

• needs

• goods

• services

Goods produced and used to make other goods and services.

• human resources

• natural resources

• entrepreneurial resources

• capital resources

Economic system that is run by a central government or authority. No true economy exist.

• Command/Socialist Economy

• Traditional Economy

• Mixed Economy

• Market Economy

Gifts of Nature that are present without human intervention (ex. land)

• human resources

• capital resources

• natural resources

• entrepreneurial resources