Economics

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Which type of economy allows people to freely decide what to produce and how to produce it and people get or buy what they can afford?

• Command Economy

• Market Economy

• Traditional Economy

In my country, business is based on competition. Success comes from doing something better and cheaper than your competitors.

• Traditional

• Command

• Market

In my country, central planners decide when we should expand old factories and build new ones.

• Traditional

• Command

• Market

• Mixed

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.

• Traditional

• Command

• Market

• Mixed

In my country producers decide what and how much to make based on what people want to buy. (2 answer choices)

• Traidtional

• Command

• Market

• Mixed

In my country, the government makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed