European Economics Part 1

What is the term to describe the people who pay money to buy goods and services?

• Consumers

• Economers

• Do Gooders

• Producers

Which country is the most command-leaning? Why?

• United States because we have TikTok

• Russia because the government controls many industries

• Russia because most workers hold the same jobs as their parents

• United Kingdom because bartering is more common than using currency

What describes the people or companies who create goods or provide services?

• Do-Gooders

• Consumers

• Producers

• Economics

Which type of economy is NOT on the economic continuum?

• Mixed

• Market

• Command

• Traditional

Make-up, shoes, and video games are all examples of what?

• Goods

• Services

• Needs

• Birthday Wishes

What economic systems do the United Kingdom and Germany have?

• Pure market

• Mixed economies that are market-leaning

• Mixed economies that are command-leaning

• Command economies

Teaching, dog walking, and landscaping are all examples of what?

• Services

• Producers

• Mixed

• Do-Gooders

In a command economy, how are the prices of goods and services determined?

• Supply and demand

• Business owners set the prices

• Your mom decides

• The government sets the prices

Which is NOT one of the three basic economic questions?

• For whom to produce?

• How to produce?

• Where to produce?

• What to produce?

Moana lives in a village where they produce their own goods. They grow or hunt their own food and make their own stuff. They barter with other villages. What type of economy is being described?

• Market

• Command

• Mixed

• Traditional