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The Economic System 2

Authored by Hesham Ibrahim

History

12th Grade

Used 21+ times

The Economic System 2
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity in economic terms?

Abundance of resources

Lack of a particular resource

Both A & B

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do business owners need and usually compete for in a market economy?

Government support

Resources

Social programs

Military contracts

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the desire to make money in a market economy?

Competition

Scarcity

Profit motive

Command economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___________ is an economic system in which the productive resources-farms, factories, machines, and so on-are owned by private citizens.

Communism

Capitalism

Both A & B

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system allows for the most individual freedom in economic decision-making?

Traditional economy

Command economy

Free Market economy

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates individuals to provide goods and services in a market economy?

prizes

Profit motive

Social responsibility

presents

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(A) ____________ is a situation in which a single company or entity controls the entire market for a particular good or service.

communism

capitalism

monopoly

All of the above

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