Econ Unit 1

Which of the following types of economy has the least strict regulations?

• Market

• Command

• Mixed

• Traditional

What are materials needed for labor to work?

• Capital

• Land

• Labor

• Entrepreneurs

What shows the cost of producing 1 good instead of another?

• Production Possibility Curves

• Factors of Production

• Functions of Money

• Scarcity

A liquid asset is one where the asset is easily ________.

• converted to the medium of exchange

• transported to a bank

• exchanged because of the intrinsic value of commodity money.

• circulated throughout the economy in a given year.

Marcella puts money into a savings account. What function of money does this illustrate?

• store of value

• medium of exchange

• standard of value

• means of payment

Which of the following economic systems is Communism?

• Command

• Market

• Traditional

• Mixed

Voluntary exchange is associated with what term?

• Economic Freedom

• Monetary Policy

• Economic Systems

• Federal Reserve

Supply and Demand is associated with what term?

• Free Market

• Monopoly

• Economic Regulation

• Circular Flow Model

What type of economic system is Capitalism?

• Market

• Command

• Traditional

• Mixed

Which of the following types of economy combines aspects of multiple different types?

• Mixed

• Traditional

• Command

• Market