Economics Part 1 review

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 

• Traditional 
• Market 
• Command 
• Centrally planned 

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

Moana's village would be an example of a ___________ economy.

• Traditional

• Planned/command

• Mixed

• Free-market

What is an economic system where only the government makes the economic decisions? 

• traditional economy
• free enterprise 
• mixed economy
• command economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

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

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

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

• Market
• Socilaism 
• Mixed 
• Command 

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

When people want or need more of something than there is.

• Scarcity
• Profit
• Opportunity Cost
• Tax

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

• Barter
• Consumer
• Producer
• Profit