Intro Chapter 1-3

What are the three economic questions?

• What to produce

• How to produce

• Who will get the goods produced

• all of the above

Every country has the same wants and needs.

False

• True

• False

In the United States what you buy is determined by____

• Your job

• Where you live

• Money

• Your dog

Which of these are the economic systems

• Command Economy

• Market Economy

• Traditional Economy

• All of the them

What is a characteristic of a command economy

• consumers buy what they want

• government decides what and how things will be produced, and how they will be distributed

• goods produced by hand

• businesses produce what they want

What is a characteristic of a market economy?

• simple tools

• government assigns people to careers

• freedom is limited

• individuals make decisions through buying and selling

What is a characteristic of a traditional economy?

• Freedom is limited

• Centered on meeting the basic needs

• Consumers buy what they want

• Government assigns people to careers

Another name for the economic system in the United States is

• public enterprise

• private enterprise

• general enterprise

• none of these are correct

The United States has a mixed economy.

• True

• False

An arrangement that allows buyers and sellers to come together to trade goods, services, and resources is called marketplace

• True

• False