Economic Systems

Limited supply of something is known as

• command economy

• scarcity

• traditional economy

• mixed economy

Which is NOT one of the economic questions asked by people who study the economy?

• When

• What

• How

• Who

Decisions made solely by buyers and sellers.

• Traditional economy

• Market Economy

• Mixed Economy

• Command Economy

Characteristics of both a command and market economies.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Farming, hunting and gathering is an example of a

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

Government owns businesses and farms is an example of a

• Mixed Economy

• Traditional Economy

• Command economy

• Market Economy

Which is NOT one of the three basic economic questions?

• What will be produced?

• How will it be produced?

• For whom will it be produced?

• Why will it be produced?

Which of the economic systems is the least popular today?

• traditional

• command

• market

• mixed

In a command economy, most of the property is owned by whom?

• entrepreneurs

• wealthy aristocrats

• government

• the employees

Individuals who buy a good or service.

• Producer

• Consumer

• Dictator

• President