SY21-22 Lesson 1 Economics Practice

What is a characteristics of a market economy?

• lack of choice
• individual choice
• competition
• central ownership of property

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 is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Which type of economy is based on traditions and beliefs?

• Command
• Market
• Traditional
• Mixed

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

• Command
• Traditional
• Market
• Mixed

Which type of economy has the government making all decisions?

• Market
• Mixed
• Traditional
• Command

Under a command system, who owns the factors of production?

• Consumers
• Elders
• Government
• Businesses

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

The price of a t-shirt is set by how much the businesses  are willing to pay.

• Market
• Mixed
• Traditonal
• Command