Economics Government

Is an economy in which the central government makes all the economic decisions.

 

• Command Economy

• Surplus

• Supply

• Scarcity

Having a limited quantity of resources to meet unlimited wants.

 

• Demand

• Surplus

• Scarcity

• Supply

Are goods and services produced within a country and sold outside the country's borders.

• Import

• Demand

• Export

• Surplus

A decline in economic growth for six or more months in a row.

• Command Economy

• Recession

• Scarcity

• Tax

Which of the following would be the economy field of social studies?

• The study of the traditions and customs of a group people

• The study of people in a country that make laws and enforce them

• The study of how a group of people manage their resources

• The study of records that tell the story of the past

Which of the following is NOT true about a communist government?

• All citizens are supposed to be equal

• People can vote for their leaders

• The government owns all property

• People are allowed to open any business of their choice

The 3 economic questions are... What will be produced? _________________??? For whom will it be produced?

• Where will it be produced?

• How much will be produced?

• When will it be produced?

• How will it be produced?

What type of economy is characterized by private ownership and free markets?

• A) Command Economy

• B) Mixed Economy

• C) Market Economy

• D) Traditional Economy

Which of the following is a primary function of government in a market economy?

• A) To control all prices

• B) To provide public goods and services

• C) To own all businesses

• D) To eliminate competition

What is the term for a situation where government spending exceeds its revenue?

• A) Budget Surplus

• B) Budget Deficit

• C) Balanced Budget

• D) Fiscal Policy