Europe Economics Terms and Economic Systems

Which of these is determined by how a country answers the three economic questions?

• GDP

• Scarcity

• Economic System

• Economic Continuum

In which economy are economic decisions based on culture and customs of the past?

• Mixed

• Market

• Command

• Traditional

In which economy would you be most likely to find bartering for goods and subsistence farming?

• Mixed

• Market

• Command

• Traditional

In which economy would you find the government making all of the economic decisions?

• Mixed

• Market

• Command

• Traditional

Which of these is NOT one of the three basic economic questions?

• What goods and services will be produced?

• How much will goods and services cost?

• For whom will goods and services be produced?

• How will goods and services be produced?

In which type of economy are all economic decisions made by private citizens including both producers and consumers?

• Mixed

• Market

• Command

• Traditional

How do we describe an economic system which combines both government and citizen power to make economic decisions?

• Mixed

• Market

• Command

• Traditional

All country economies are ______________.

• Mixed

• Market

• Command

• Traditional

Free enterprise refers to:

• Goods at no cost

• High priced services

• Command Economic System

• Competition between businesses

What is the term for a line which shows where a country's economy is located in between command and market?

• Gross Domestic Product

• Free Enterprise

• Economic Continuum

• Factors of Production