Economics Terms

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market

• Mixed

• Command

• Traditional

What type of economic system is based on customs and beliefs?

• Market

• Mixed

• Traditional

• command

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market

• Traditional, Command, Combined, & Market

• Communism, Capitalism, Free Market, and Macroeconomics

• Microeconomics, Macroeconomics, Individual, and Traditional.

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 

• Traditional 

• Market 

• Command 

• Centrally planned 

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 

• Market 

• Command 

• Centrally Planned 

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?

• What to produce? How to produce? When to produce?

________ is the most basic or fundamental economic problem.

• Scarcity

• Labor

• Greed

• Capital

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur

• Incentive

• Specialization

• Barter

When someone or a business chooses to specialize or produce certain items.

• Entrepreneur

• Economics

• Voluntary Exchange

• Specialization