Economics Assessment SS

What causes producers, consumers and government decision makers to make economic choices?

• Supply

• Demand

• Scarcity

• Opportunity costs

When you make a decision the thing you choose not to do is called the:

• Second best alternative

• Opportunity Cost

• Choice

• Resource

What is the key factor in determining the type of economy a country has?

• Their currency

• Their inflation rates

• The extent their government is involved

• The extent the people are involved

In this type of economy decisions are based on custom and historical precedent and people often perform the same types of work as past generations regardless of ability of potential:

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

In this type of economy there is private ownership of property/resources, competition, consumer sovereignty and individual choice play a major role with minimal government involvement:

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

In this type of economy this is central ownership of property/resources (usually by the government), there is also a centrally planned economy with lack of consumer choice:

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

In this type of economy individuals and businesses are owners and decision makers for the private sector and the government is owner and decision maker for the public sector:

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

Which two economic systems can the U.S. be categorized as:

• Traditional and Mixed

• Command and Mixed

• Free Market and Mixed

• Traditional and Free Market

What determines price:

• Supply

• Demand

• Supply and demand

• None of these

Where do supply and demand meet?

• Equilibrium Price

• Opportunity Cost

• Optimum Price

• Ideal Price