Economic Systems

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

• Command

• Socialism

• Market

• Traditional

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

If everyone who wants to work can can find a job, a country has:

• Inflation

• Economic Freedom

• Full Employment

• Employment Insurance

"Making the most of society's resources" best describes:

• Economic Efficiency

• Economic Growth

• Economic Security

• Economic Freedom

What is scarcity?

• Unlimited wants and unlimited resources

• Unlimited wants, but limited resources

• An economic system

• Large supply of needs and wants

What are the three economic systems?

• Market

• Traditional

• Command

• Democratic

trading without using money

• bartering

• free enterprise

• economics

• scarcity

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

Oil, natural gas, and coal

• human resources

• natural resources

• entrepreneurship

• capital resources