Economics Review

Which economic system involves government ownership of land and resources, as well as major industries? 

• Market
• Traiditional
• Command
• Mixed

Which economy answers the basic economic questions by following customs and habits of the past?

• Command
• Market
• Traditional
• Mixed

Which economy allows business owners and consumers to decide the basic economic questions?

• Command
• Market
• Traditional
• Mixed

What is the term that refers to the fact that all economies of the world are truly a mix of market and command economies?

• Market
• Command
• Mixed
• Traditional

You were trained in high school to operate a machine that builds cars. When you graduated high school, your government gave you a job. It does not pay much, but that's ok because most products do not cost much. 
What type of economy do you live in?

• Command
• Market
• Traditional
• Mixed

Limited availability of resources/not enough of something.

• Goods
• Services
• Scarcity
• Available

Something you would like to have but do not need.

• Scarcity
• Available
• Want
• Need

Something you have to have to survive!

• Scarcity
• Available
• Want
• Need

Goods from a foreign country brought into a country for use or sale.

• Need
• Supply
• Demand
• Import

Goods and services sold by producers in one country to buyers in another country.

• Exports
• Imports
• Consumer
• Demand