Economics

Which is NOT a type of economy?

• Farming

• Traditional

• Command

• Market

Something potentially unlimited for human beings

• Our desires

• Time we can spend

• Money we can spend

• Natural resources

Which of the following is NOT a resource

• Scarcity - limitations in all things

• Natural resource - trees to make wood and paper

• Labor resource - work done by humans

• Capital resource - tools to do work with

What is the basic economic reality faced by all people, in all places, in all times?

• scarcity

• unlimited natural resources

• new technological developments

• command economy

An economic system in which government officials make ALL economic decisions.

• Command

• Market

• Traditional

• Mixed

Which is NOT one of the 3 basic economic questions?

• When should we produce goods?

• What goods should be produced?

• How should goods be produced?

• Who should receive the produced goods?

Scarcity forces us to...

• make choices

• create new products

• perform research

• abandon technology

An inefficient economic system in which economic questions are answered by custom or habit.

• Traditional economy

• Command economy

• Market economy

• Mixed economy

The type of economy the USA has today.

• Mixed market

• Command

• Traditional

• Market

Who owns all of the factories, farms, and stores in a COMMAND economy?

• the government

• corportations

• individuals

• the church