Economic Systems, What is Economics?

Scarcity is defined as limited amount of goods and services meets...

• an unlimited amount of wants

• a limited amount of goods

• a limited amount of services

• a limited amount of wants

When do shortages occur?

• when consumers want less of a good than producers are willing to make

• when producers produce more of a product

• a product becomes more available

• when consumers want more of a good than producers are willing to make

Shortages will long-term or ....

A need is something that is essential for ....

• a lifestyle

• survival

• education

• the weekend

A want is something that we ....

• desire

• need

• dislike

• appreciate

This is an example of a want.

• water

• food

• medical care

• Television

What is the definition of goods?

Going to the movies is an example of ....

• a good

• a service

• a factor of production

• scarcity

Which of the following is not one of the factors of production?

• Land

• Labor

• Entrepreneurship

• Regulations

This type of economic system has roles and decisions based on custom.

• Command

• Market

• Traditional

• Mixed