Economic Systems Quiz #1

SELECT ALL THAT APPLY: Which of these is an example of a scarce resource?

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

A ______________ economy is guided primarily by custom, habit, and ritual.

A _____________ economy is completely determined and controlled by a central planning authority or the government

A _____________ economy is driven entirely by voluntary exchange in markets

SELECT ALL THAT APPLY: The three factors of production are:

A _________ economy is a market-based system in which the government is involved to some extent.

The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

The old Soviet-style planned/command economy doesn't really exist in its pure form anywhere in the modern world.

SELECT ALL: The Production Possibilities Curve (PPC) represents: