Economics Systems and Market Structures

A ________________________ economy is one where customs and traditions shape the goods and services produced.

• Traditional

• Market

• Command

• Mixed

In a ________________________ economy, supply and demand determine the production of goods and services.

• Traditional

• Market

• Command

• Mixed

A ________________________ economy is centrally planned and controlled by the government.

• Traditional

• Market

• Command

• Mixed

________________________ economies combine elements of both market and command economies.

• Traditional

• Market

• Command

• Mixed

Which economic system relies on customs, traditions, and beliefs passed down through generations to answer the basic economic questions?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

In a command economy, who makes the major economic decisions?

• Individual consumers

• The central government

• Business owners

• Religious leaders

What is the primary characteristic of a market economy?

• A. Government control of resources

• B. Private ownership of resources

Which economic resource refers to natural resources used in production?

• Capital

• Labor

• Land

• Entrepreneurship

In which market structure do many firms sell similar but slightly different products?

• Perfect competition

• Monopoly

• Monopolistic competition

• Oligopoly

What is a key feature of capitalism?

• Central planning

• Private property rights

• Equal distribution of wealth

• Government ownership