Economics Week 1 Review

Which type of economy has central ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economic system bases its decisions on custom?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

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

• Command
• Traditional
• Market
• Mixed

If the government makes me produce 70 T-Shirts, what economic system is this?

• Mixed
• Traditional
• Command
• Market

Government regulates certain industries as necessary.

• traditional 
• command
• market
• mixed

Prices and wages are determined by producer supply and consumer demand.

• traditional
• command
• market
• mixed

The human effort involved in the production of goods and services is known as:

• Capital
• Entrepreneurship
• Labor
• Land

All natural resources that go into the production of a good or service:

• Capital
• Entrepreneurship
• Land
• Labor

Anything within the production process, whether human or technological, that allows businesses to make their product

• Entrepreneurship
• Capital
• Land
• Labor

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources