Test Review

In a ______________ economic system, customs and traditions determine what and how to produce

• traditional

• market

• command

• mixed

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• market

• command

• mixed

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity

What is a free market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

What type of economy does the United States have?

• traditional

• mixed

• command

• market

Which type of economy involves trading, and doesn't usually use money?

• traditional

• command

• mixed

• market

If the supply of a good is higher than the demand, what happens to the price?

• stays the same

• price increases

• price decreases

Basic things humans need to survive

• want

• import

• need

Extras that make life more enjoyable

• need

• want

• savings

not being able to meet all wants at the same time

• demand

• supply

• scarcity