Unit 1 Economics Review

Place the Three Economic Questions in Order

• What will be Produced?

• For whom will it be Produced?

• How will it be produced?

Which of these answers best classifies as Monopoly?

• Little Competition in a market

• A single firm controls the market or is dominant in a market.

• A few firms are dominant and compete in a market.

• Perfect Competition

Which of these answers best classifies as an Oligopoly?

• No Competition

• Perfect Competition in a market

• A single firm controls the market or is dominant in a market.

• A few firms are dominant and compete in a market.

Which type of Economy is focused on culture and beliefs?

• Market

• Mixed

• Traditional

• Command

Which type of Economy is heavily controlled by the Government?

• Traditional

• Command

• Market

• Mixed

Which Economy is based on consumer WANTS?

• Market

• Mixed

• Command

• Traditional

Select ALL that Apply: Select Characteristics of a Mixed Economy.

• Government Involvement

• No Government involvement

• Principles of supply and demand

• Protects Private Property

What is NOT a factor of production?

• Capital

• Tools

• Land

• Labor

Does school provide a Good or Service?

• Good

• Service

Do Supermarkets provide a Good or Service

• Good

• Service