Economics Vocabulary Quiz #1

Which is not one of the THREE basic economic questions?

• What to produce?
• How to procduce?
• How much will it cost?
• For whom to produce?

What is a system of trade where goods and services are exchanged fore other goods and services and no MONEY is exchanged?

• Wage
• command economy
• subsistence
• barter

A form of economy where the government decided what goods will be produced, how they will be produced, and how they will be distributed?

• Traditional
• Mixed
• Command
• Market

Which economy does every country in the world have in place to some degree or extent?

• Command
• Market
• Mixed
• Traditional

Which economy is based on individual choices and voluntary trade? Competition is important here 

• Traditional
• Command
• Market
• Mixed

The creation, maintenance, and expansion of businesses outside the control or influence of the government.

• Traditional

• free enterprise

• economic continuum

• command

This type of economy allows social roles and customs to determine how goods are made, bought, and sold.

• Supply/demand
• Market
• Traditional
• Command

Which term best fits this definition? The way in which a nation uses it's resources to satisfy peoples needs and wants.

• scarcity
• economic system
• barter
• interdependence

Who is a person with an idea that will take a business risk in order to create a company to make a profit?

• entrepreneur
• barter
• producer
• consumer

What is a term for one's financial earnings called?

• barter
• subsistence
• profit
• wage