Final Economics Review

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

Which of the following are markets involved in the circular flow model?

• Factor Market and Resource Market
• Labor Market and Product Market
• Factor Market and Product Market
• Resource Market and Labor Market

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

The exchange of goods and services

• trade
• market
• economics
• consumer

The idea that resources are limited

• scarcity

• supply

• demand

• inflation

Something we use

• resource
• scarcity
• demand
• supply

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

The place where goods and services are exchanged

• barter
• currency
• market
• resource