Economic Systems

In a market economy, if your mom dad are both teachers, do you have to be a teacher?

• NO
• Yes
• Maybe

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which economy is dictated by supply and demand and the buyers and sellers?

• Market
• Socilaism 
• Mixed 
• Command 

________ is the most basic economic problem.

• Scarcity
• Labor
• Greed
• Capital

When someone or a business chooses to specialize or produce certain items.

• Entrepreneur
• Economics
• Voluntary Exchange
• Specialization

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

Anyone who makes or grows a good or performs a service.

• Barter
• Consumer
• Producer
• Profit

To trade.

• Taxes
• Barter
• Service
• Producer