Economic Concepts - Management

Which of the following economic systems allows citizens full freedom in choosing a career and workplace?

• Capitalism

• Fascism

• Socialism

• Communism

Which of the following is the way a society produces goods and services?

• Laissez faire

• Socialism

• Economic systems

• Marxism

the limited supply of something

• scarcity

• bartering

• economics

• free enterprise

how countries plan to use limited resources

• bartering

• free enterprise

• economic systems

• scarcity

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In this type of economy, the government places control on businesses, but the individual decides what to make. 

• Mixed
• Market
• Command 
• Traditional

Today, most economies are:

• Market
• Traditional
• Mixed
• Command

This economic system is controlled by the government.

• Traditional

• Command

• Market

Which statement describes the law of demand?

• As prices rise, quantity demanded decreases

• As prices rise, demand decreases.

• As prices fall, quantity demanded decreases.

• As prices fall, demand decreases.