Rapid Review Blue CE.11b

What are the three basic questions of Economics?

• What will be produced?
• For whom will it be produced?
• Why is it produced?
• How will it be produced?
• How much will this cost?

The type of economy a country has is determined by the amount of...

• Good produced
• Government Involvement

In this type of economy, people do the same work as their parents and gradparents. Their job isbased on custom and historical precedent.

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

This type of economy has the least amount of government involvement. There is private ownership of proterty and resources.

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

This type of economy has the most amount of government involvement with central ownership of property and resources. It is centrally planned and there is a lack of consumer choice.

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

In this type of economy, decisions are made by individuals, businesses, and the government. An example of this type of economy is the US economy.

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

Wherever and whenever buyers and sellers exchange goods and services.

• Markets
• Private Sector
• Public Sector

Markets are allowed to operate without undue interference from the government is called...

• Free Market
• Free Enterprise
• Public Sector

Government gets involved in this sector of the economy when the benifit outweighs the cost, but economic decisions are limited

• Public Sector
• Private Sector

Most production and economic decisions are made by individuals and businesses in this sector of the economy...

• Public Sector
• Private Sector