Intro to Economics

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

I have a problem with having enough resources. What basic question of economics solves this? 

• What to produce?
• How to produce?
• When to produce? 
• For whom to produce? 

If you tell me a price on something and I offer you a different price, this is an example of what kind of economy? 

• Traditional 
• Command 
• Market 
• Mixed

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

_______ is another word for Market Economy. 

• Capitalism 
• Communism