Europe's Economics

A limited supply of something is called ____________________.

• Physical Features

• Free Enterprise

• Trading

• Scarcity

The three basic economic questions are:

• What to produce?

• How to produce?

• For whom to produce?

• How much to produce?

_____________________ makes all the economic decisions in a command economy.

• People

• Businesses

• Government

• Pope

In a traditional economy goods and services are exchanged through ________________________.

• bartering

• Going to the store

• By the President

• By using money

Competition between companies is called ____________________.

• Physical Features

• Free Enterprise

• Trading

• Scarcity

A market system...

• allows families to make economic decisions based on their traditions.

• allows people to start their own business and sell goods at a fair price

• has government controlled businesses

• has government provided services.

In a traditional economic system....

• the government decided what you do

• individuals and businesses control everything

• people based their occupation on what their ancestors did

• nobody works

True or false: mixed and control are the two systems on the economic continuum.

• True

• False

On the economic continuum, __________________ countries are closer to a command economic system.

• current democratic

• only southern

• only western

• former communist

Australia and the United Kingdom are similar in that they have a ______________________ economic system.

• communist

• command

• religious

• mixed