Unit 8 Review

The type of economy a country has is determined by how involved the government will be in it.

• True

• False

Which economy has little government control, competiton and private business ownership?

• Traditional

• Mixed

• Command

• Market

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

People can make whatever they want as producers and buy whatever they like as consumers because the government has no power in the economy

• Traditional

• Command

• Market

• Mixed

Most countries in the world have command economies.

• True

• False

In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.

• Traditional

• Command

• Market

• Mixed

There is no consumer choice in which of the economic systems?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Choose which is not one of the 3 basic economic questions?

• What will be produced?

• How will it be produced?

• How much will it cost to be produced?

• Who will it be produced for?

The first thing given up to get what you want.

• Want

• Need

• Cost of Goods

• Opportunity Costs

When there are limited resources, but unlimited wants and needs.

• Scarcity

• Consumption

• Wants

• Opportunity Costs