Economics Lesson 2

In a _____________________ what is produced is determined by how buyers and sellers interact.

• Command Economy

• Traditional Economy

• Market Economy

• None of the above

If there was only one company that sold footballs and there was not a close replacement, that company would have a ________.

• Monopoly

• Franchise

• Insurance

• Command

A ________________________ is a government rule or law about what may or may not be done.

• Request

• Retaliation

• Regulation

• Renewal

In a ________________ what is produced is determined by a combination of more than one economic system.

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

The pattern of a person working to earn money, using the money to buy goods, which are taxed so some money goes to the government is all part of the _________________________.

• Money Flow

• Circular Flow

• Money System

• Circular Money

In a ______________________ the government makes all of the decisions.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Which economic system would be the hardest to survive in, if you couldn't work.

• Traditional Economic System

• Command Economic System

• Market Economic System

Which of the following is NOT one of the 3 main questions an economic system has to answer?

• How to produce?

• What to produce?

• For whom to produce?

• Why to produce?

Regulations are usually put in place to keep consumers ______________.

• Happy

• Regulated

• Safe

• Buying

Which type of economic system has the most economic freedom?

• Command

• Traditional

• Market