US History Economics Quiz

The study of how people choose to use their limited resources to satisfy their unlimited wants

• Economics

• Macro economics

• Micro economics

• Incentives

A system used to manage limited resources for the production, distribution, and consumption of goods and services

• Incentives

• Normative economics

• Positive economics

• Economy

The demand for a good or service is greater than the availability of the good or service

• Supply

• Scarcity

• Incentives

• Tradeoffs

The exchange of one benefit or advantage for another that is thought to be better

• Scarcity

• Economy

• Tradeoff

• Incentives

Anything used to produce an economic good or a service

• Normative economics

• Resource

• Supply and Demand

• Positive economics

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

• Market 
• Traditional
• Command 
• Mixed

Which type of economy is usually paired with a Communist government?

• Mixed
• Market
• Command
• Traditional

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

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy