Economics I Review - Terms

Which type of economy focuses on traditional values and is entirely self-sustaining? HINT: Colonial America and early settlements had this type of economy.

• Command

• Free Market

• Mixed Market

• Traditional

Which type of economy is often associated with dictatorships and Communistic styles of government?

• Free Market

• Command

• Mixed Market

• Traditional

Which type of economy does the United States have?

• Free Market

• Mixed Market

• Traditional

• Command

Which economy type does not exist in today's world due to the fact that every government will have some sort of influence in their own economy?

• Free Market

• Traditional

• Command

• Mixed Market

What is scarcity?

• The inability to satisfy all wants at the same time.

• The types of resources we are able to have.

• The amount of an item supplied.

• The amount of an item that is demanded.

When supply and demand meet - what is that called?

• Point of no return.

• Equilibrium Price.

• Supply v. Demand

• Demand Curve.

When we have to make a choice, what is the "next best thing" called when we don't choose it?

• Demand

• Customization

• Opportunity Cost

• Opportunity Lost

Which type of resource is a waterfall?

• Capital

• Human

• Entrepreneurial

• Natural

Money is an example of which type of resource?

• Human

• Natural

• Entrepreneurial

• Capital

Which two economy types combine to form a Mixed Economy?

• Free Market and Command

• Free Market and Traditional

• Traditional and Command

• None - this is a trick question :)