Practicing basic economic concepts and types of economies.

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

• 
• 
• 
• 

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

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy is controlled by a central government, and lacks individual choice?

• 
• 
• 
• 

What type of economy is capitalism?

• 
• 
• 
• 

This term means that the government should not interfere in the economy.

• 
• 
• 
• 

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

• 
• 
• 
• 

What term describes the development of a worldwide economy where resources flow fairly freely across borders?

• 
• 
• 
• 

What do economists mean by the term "scarcity"?

• Not having enough resources.

• Having too many resources

• Having just enough resources

What is a cause of scarcity?

• People have limited wants there is an unlimited amount of resources.

• People have unlimited wants but there is a limited amount of resources

• People have no wants so resources don't matter

Which of the following are examples of goods?

• Apples, Computers, Clothing

• Firemen, Police Officers, Soldiers

• Health, Love, Friendship