Econ final

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

• Market 
• Traditional
• Command 
• Mixed

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

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

• Mixed
• Market
• Command
• Traditional

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

Which of the following are markets involved in the circular flow model?

• Factor Market and Resource Market
• Labor Market and Product Market
• Factor Market and Product Market
• Resource Market and Labor Market

Which two groups of people are represented in the circular flow model?

• Buyers and Sellers
• Producers and Consumers
• Government and Private Individuals
• Households and Businesses

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

When customers and business owners exchange products and money, because it will help them both in some way.

• voluntary exchange

• volunteering to help someone for free

• opportunity cost

• reading quizzes

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity