Which of the following is one of the three basic economic questions?
- What price should be set for goods and services?
- How can income be shared?
- How should goods and services be produced?
- How is a budget created?
Economics Basics
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Social Studies, Geography
•
7th Grade
•
Easy
Heather Schuck
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1.
FLASHCARD QUESTION
Front
Which of the following is one of the three basic economic questions?
Back
How should goods and services be produced?
2.
FLASHCARD QUESTION
Front
Increased competition between producers of a good may lead to:
Back
a decrease in profit
3.
FLASHCARD QUESTION
Front
Which type of economic system has the highest level of government control?
Back
command economy
4.
FLASHCARD QUESTION
Front
Feature of a good budget?
Back
money reserved for saving
5.
FLASHCARD QUESTION
Front
How do companies make a profit?
Back
They try to decrease expenses and increase revenue.
6.
FLASHCARD QUESTION
Front
Economy in which people make economic decisions based on their group's customs and values. Not common today.
Back
Traditional Economy
7.
FLASHCARD QUESTION
Front
Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit. Options: Traditional Economy, Market Economy, Command Economy, Mixed Economy
Back
Market Economy
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