Economics Vocabulary

Which Country would be an example of a Command Economy

• United States

• None of the above

• North Korea

• New Zealand

What is an example of traditional economy

• activities such as fishing, hunting, gathering, and agriculture

• custom activity

• the use of scarce resources

• all of the above

_ is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.

Which of the following is the study of choices that individuals and business make, the way of the choices interact in markets and the influence of governments

• macroeconomics

• microeconomics

• efficiency

• economics

Which if the following is the study of the performance of the national economy and the global economy

• Microeconomics

• Production

• Macroeconomics

• Market Economy

What are the factors of production

• Land, Labor, and Capital only

• Land and capital only

• Capital and Entrepreneurship only

• Land, Labor, Capital, and Entrepreneurship

What is an example of of Traditional Economy

• There is no traditional economy in today time

• Central African Mbuti

• Societies with indigenous people

• Both Central African Mbuti and Societies with indigenous people

What is a political and economical system in which the government owns some ,but not all, of the factors of production

• Command Economy

• Traditional Economy

• Free Market

• Socialism

What are the main questions asked for production

• What, how, and for whom

• Why, how, and what to produce

• There is no questions asked

• quantity, quality, and cost

What could be a draw back from a traditional economy

• They lack resources to continue their own production

• tends to discourage new ideas and new ways to do things

• There is little uncertainty in what, how, and from whom to produce for

• everyone knows what their role is in this kind of economy