
Economic Systems
Authored by Kevin Lafollett
History
12th Grade
Used 9+ times

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45 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT one of the basic questions of economics?
What will be produced?
How will it be produced?
What will it be produced with?
For whom will it be produced?
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
_______________ ______________is what is given up when a choice is made (the second best alternative).
Opportunity cost
Supply and Demand
Free Market
Mixed Economy
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
_________________ is selection of an item or action from a set of possible alternatives.
Production
Scarcity
Resources
Choice
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
_______________ is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.
Choice
Production
Consumption
Resources
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In what type of economy are decisions based on custom and historical precedent and people often perform the same type of work as their parents and grandparents, regardless of ability or potential.
Free market economy
Command economy
Traditional economy
Mixed economy
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In what type of economy is there Central ownership (usually by government) of property/resources and centrally planned economy. Also there is lack of consumer choice
Traditional economy
Free market economy
Mixed economy
Command economy
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In what type of economy is there private ownership of property/resources , profit motive, competition, consumer sovereignty, individual choice and minimal government involvement in the economy.
Traditional economy
Free market economy
Command economy
Mixed economy
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