Economics Vocabulary Quiz

_____ is the limited supply of something.

• Scarcity

• Mixed

• Barter

The plan that countries must make of how to use their limited resources, is called

• Barter

• Trade

• Economic System

• Traditional Economy

In this economic system, all decisions are based on customs, traditions, and beliefs of the past.

• Mixed

• Market

• Traditional

• Command

Trading without using money is called

• Traditional

• Bartering

• Purchasing

In a _____________ economy, all economic decisions are made by the Government.

• Traditional

• Command

• Market

• Mixed

Economic decisions that are made based on the changed in prices that occur as buyers and sellers interact in the market place is a ___________ economy.

• Market

• Traditional

• Mixed

• Pure

The competition between companies is called

• Private

• Free Enterprise

• Bartering

What is the Economic Continuum?

• A model that shows how economies fall on a spectrum from pure market to fully planned, based on the amount of government control

• The place where goods are bartered.

• The type of economic system a country has.

All modern economies show characteristics of both systems and are often referred to as ________.

• Traditional Economies

• Mixed Economies

• Barter Economies

What are the three questions that every country must answer to choose an economic system? Choose three.

• What goods/services will be produced?

• How will goods/services be produced?

• Why will they consume the goods/services?

• Who will consume the goods/services?