Economic Systems

What are two types of products in any economy?

• computers & automobiles

• goods & services

• farming & technology

• businesses & technology

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

People or businesses that create goods or services are known as

• Producers

• Consumers

• Entrepreneur

• Economists

People or businesses that buy or use goods or services are known as

• Producers

• Consumers

• Entrepreneur

• Economists

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses

• Government

• Customs

• Consumers & Producers, and Government

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses

• Government

• Customs & Traditions

• Individuals, Businesses, and Government

Which of the following is NOT one of the three basic questions of economics when looking at economic systems?

• What goods and services will be produced?

• What is the price of the goods?

• Who is responsible for producing goods and services?

• How will goods and services be distributed to customers?

Most countries in the world have a ___________________ economy.

• Traditional

• Command

• Mixed

• Market

Both supply and demand and the government influence how resources are used to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

People use the resources they have to make only what they need to survive.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy