Unit 7 Econ. National and Global

What will be produced? Who will produce it? How will it be produced? These are the basic questions of economics. Which one is missing?

• When will it be produced?

• For whom will it be produced?

• Where will it be produced?

Economic decisions are based on custom and historical precedent. Which economic system is this describing?

• traditional

• free market

• command

• mixed

A command economy has a _______ ownership of property/resources.

• external

• outer

• inner

• central

- profit motive

- competition

- consumer sovereignty

- private ownership

individual choice

- minimal government involvement

All of these are part of which economic system?

• traditional

• free market

• command

• mixed

In a mixed economy, the government's role is _________ than in a free market economy and less than in a command economy.

• greater

• less

• equal to

A market exists whenever _______ and ________ exchange goods and services.

• sellers, buyers

• owners, consumers

• buyers, sellers

• producers, consumers

Consumers determine through purchases what goods and services will be produced. What term does this describe?

• consumer sovereignty

• profit motive

• property

• competition

These markets are generally allowed to operate without undue interference from the government.

• public property

• private property

• free enterprise

• policies

Competition is when there is a/an _________ between producers and/or between sellers of a good or service, which results in better quality goods and services at lower prices.

• agreement

• rivalry

• argument

• reconciliation

Most economies today, including the US, are _______ economies.

• mixed

• traditional

• command

• free market