Economic Systems and Supply and Demand Retake Requirement

Who answers the basic economic questions in a Traditional Economic System?

• The individual

• Traditions and customs

• The government

• Employers

The ​ (a)   invests money into machines known as ​ (b)   and hires workers known as ​ (c)   to bring the raw materials known as ​ (d)   together to produce goods and services

• entrepreneur
• capital
• labor
• land
• money

Which of the following best represents a Traditional Economic System? There is more than one right answer.

• The Inuit People

• New Zealand

• The Amish

• North Korea

Which one is NOT one of the basic economic questions?

• Why would we produce it?

• What are we going to produce?

• How are we going to produce it?

• For whom are we going to produce it?

Match the following

• one that utilizes economic goods

• consumer

• the state of being scarce or in short supply; shortage.

• demand

• the desire of purchasers, consumers, clients, employers, for a particular commodity, service,

• scarcity

• the loss of potential gain from other alternatives when one alternative is chosen.

• opportunity cost

• make (something needed or wanted) available to someone; provide.

• supply

Which of the following would be considered a need?

• iPhone 14

• Kia Rio 2017

• Apartment

• Honda Accord Coupe 2023

• PS5

Which economic system is based heavily on individual choice?

• Mixed

• Command

• Market

• Traditional

Someone who creates their own business is called a(n)...

• Entrepreneur

• Billionaire

• Investor

• Stock Holder

Which of the following are PRODUCERS? Check all the right answers.

• Baker

• Florist

• Takis

• Portable Charger

The factor of production known as land represents

• human capital

• natural resources/ raw materials - the parts and pieces that go into the final product

• office buildings

• business experience