Economics Final

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

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

• Market

• Mixed

• Command

• Traditional

Which type of economy is usually paired with a Communist government?

• Mixed
• Market
• Command
• Traditional

Who invented communism?

• Plato

• Karl Marx

• Paul Samuelson

• Adam Smith

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

A person or organization that uses a product or service is a(n):

• consumer
• economist
• loan shark
• debtor

House: Goods or Service?

• Goods
• Service