Money and Finance: Economics

What is an economy primarily concerned with?

• Allocating resources to meet people's needs and wants

• Creating laws and regulations

• Managing only the country's money

• Organizing social events

Who studies economics?

• A sociologist

• An economist

• A biologist

• A historian

What indicates a good economy?

• Many people are losing their jobs

• Businesses are making money and the overall economy is growing

• The economy is shrinking

• High rates of unemployment

What does microeconomics study?

• The economy of entire countries

• Individual and business decisions within an economy

• Only the stock market

• International relations only

Which of the following is an example of macroeconomics?

• How a company charges for its products

• The Gross National Product of a country

• Why different jobs make different amounts of money

• How someone chooses to buy one product over another

What are goods in an economy?

• Services like education and healthcare

• Ideas and innovations

• Physical objects that are bought and sold

• Government policies

What is a traditional economy primarily based on?

• Digital technology

• Bartering, trading, and farming

• Stock markets

• Industrial manufacturing

Which type of economy allows consumers the freedom to buy whatever product they want with little government intervention?

• Command or Planned economy

• Traditional economy

• Market economy

• Mixed economy

In a command or planned economy, who determines what goods are manufactured and their prices?

• Independent companies

• Consumers

• The government

• Foreign investors

What type of economy is the United States classified as?

• Traditional economy

• Market economy

• Command economy

• Mixed economy