1S.2324.SOCSCI 4.004.OVERVIEW OF THE ECONOMY

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What is the central economic problem faced by all societies?

• Choice
• Scarcity
• Opportunity Cost
• Consumption

In a traditional economy, how are economic decisions typically made?

• Based on government regulations
• According to market demand
• Guided by customs and traditions
• Determined by central planning agencies

Which economic system relies on supply and demand to determine production and distribution decisions?

• Mixed Economy
• Command Economy
• Market Economy
• Traditional Economy

What does the circular flow model represent in an economy?

• The movement of money and resources between households and firms
• The government's role in controlling economic activities
• The balance between exports and imports
• The distribution of wealth among different social classes

In a command economy, who typically owns or controls key industries and resources?

• Private individuals and firms
• Government
• International organizations
• Local communities