ECO 101 Quiz 1

The economic system in which production decisions are made according to customs and traditions.

• Traditional Economic System

• Command Economy

• Market System

• Mixed Economy

The system that works under the principle that the interests of society should prevail over that of the individual

• Traditional Economic System

• Command Economy

• Market System

• Mixed Economy

The system in which market prices serve as a signal to the producers about what goods to produce and how much of these goods should be produced.

• Traditional Economy System

• Command Economy

• Market System

• Mixed Economy

Under this system, economic problems are addressed predominantly through the price mechanism and modified through government intervention.

• Traditional Economic System

• Command Economy

• Market System

• Mixed Economy

An economy where individuals exercise free enterprise.

• Traditional Economic System

• Command Economy

• Market System

• Mixed Economy

It is considered a basic consuming unit.

• Firm

• Household

• Resource

• Mixed Economy

It includes water, forests, minerals, and animals.

• Land

• Labor

• Resource Owners

• None of the above

It refers to man's mental and physical efforts exerted in production.

• Land

• Labor

• Entrepreneur

• Capital

It refers to machines, tools, and equipment used in production.

• Land

• Labor

• Entrepreneur

• Capital

The Brains behind the business.

• Land

• Labor

• Entrepreneur

• Capital