Economics Test Review

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

• Traditional

• Command

• Market

• Mixed

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

• Traditional

• Command

• Market

• Mixed

Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?

• Traditional

• Command

• Market

• Mixed

The amount of something that is available.

• Supply

• Producer

• Competition

• External Cost

Economic system in which the government controls the means of production, such as land, labor, and machinery.

• Traditional

• Command

• Market

• Free Enterprise

Traditional Economy

• economic decisions are made by tradition and customs

• economic decisions are made by supply and demand

• economic decisions are made by the government

Command Economy

• economic decisions are made by the government

• economic decisions are made by supply and demand

• economic decisions are made by tradition and customs

Scarcity

• a lot of something

• not enough of something

• to be afraid

In the United States, you may_______________.

• start your own business to meet a need
• decide what fees to charge for a service or product
• own and run any business as long as the laws are obeyed
• all of the answers are correct

Cuba is an example of what type of economic system?

• Capitalism

• Socialism

• Communism