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WorksheetsEconomics
Total questions: 46
Worksheet time: 3570secs
What is the economy?
a system of producing, selling, & buying goods an services
a system of trading off something for something more important
a situation where you don't have enough money to go to the movies
What is scarcity?
money an individual makes from a job
the issue of having unlimited human wants in a world of limited resources
value of the thing that we give up
What is an opportunity cost?
additional money that is made from a unique opportunity
problem of having more wants than available resources
system of buying or selling goods
the value of the thing that is given up when a choice is made
What is supply?
the desire for a good or service
the amount of money you have left after expenses are paid
the amount of a good or service that is available for purchase
the popularity of a good or service
What is demand?
the desire to have a good or service and the number of people ready to buy it
system of buying and selling goods and services
the issue of running out of supplies
_____________ are things that people make or use to satisfy their needs and wants.
Goods
Services
Producers
Consumers
________________ are activities that satisfy people’s needs and wants.
Goods
Services
Needs
Wants
Which of the following is a country which operates under a traditional economy?
North Korea
Cuba
Ecuador
Sweden
Which of the following is NOT one of the four economies the United States has experienced?
Agricultural economy
Industrial economy
Service economy
Technology economy
Which of the following is a country which operates under control/socialism?
France
Mexico
Canada
Italy
An entrepreneur does NOT do which of the following with the risks of a business or enterprise?
Manages
Assumes
Organizes
Displaces
Which of the following economic systems allows citizens full freedom in choosing a career and workplace?
Capitalism
Fascism
Socialism
Communism
Which of the following is NOT one of the three main economic systems?
Communism
Fascism
Socialism
Capitalism
Complete governmental control is a characteristic of which of the three main economic systems?
Communism
Socialism
Capitalism
Complete control is not a characteristic of any of the three main economic systems
What is another name for the private enterprise system?
Fascism
Socialism
Capitalism
Communism
Which of the following is NOT one of the three freedoms individuals have in a private enterprise system?
Import and export of goods and services
Buy goods and services
Produce and sell goods and services
Choose a career or workplace
Which of the following is a characteristic of an entrepreneur?
Fear
Risk taking
Self deprecation
Pessimism
Which of the following is the way a society produces goods and services?
Laissez faire
Socialism
Economic systems
Marxism
Little to no freedom in selecting a career and workplace is a characteristic in which economic system?
Capitalism
Socialism
Fascism
Communism
Which of the following is NOT one of the three main types of economic systems?
Strong arm
Command
Traditional
Market
A private enterprise systems permits which of the following to make economic decisions?
Individuals
The republic
States
Government
Which of the following took over America in the late 1900s?
Service economy
Agricultural economy
Industrial economy
Information economy
Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?
Market economy
Command economy
Traditional economy
Mixed economy
Which of the following is an economic system in which economic decisions are made according to tradition & culture?
Market economy
Command economy
Traditional economy
Mixed economy
What is an economic system where only the government makes the economic decisions?
traditional economy
free enterprise
mixed economy
command economy
What type of economy do most countries in the world have?
Market economy
Command economy
Traditional economy
Mixed economy
The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
Traditional
Market
Command
Centrally Planned
The government has little to no role in the production of goods in this type of economy.
Traditional
Mixed
Command
Market
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
Traditional
Command
Market
Mixed
The government gets to decide who gets what
Traditional
Command
Mixed
Market
Based on traditions
Command
Traditional
Market
Mixed
The goods produced will be the same, generation after generation
Mixed
Market
Command
Traditional
Businesses have freedom to produce whatever they think consumers will buy
Market
Command
Mixed
Traditional
Business FREEDOM
Command
Market
MIxed
Traditional
A command economy is when the government is in control.
True
False
Bartering can be seen in which type of economy?
Command
Market
Mixed
Traditional
Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
Command
Traditional
Market
Mixed
,In my country, the government tells me where to work.
Traditional
Command
Market
Mixed
In a command economy, who holds power over the economy?
The people
The government
Beyonce
The traditions of your ancesetors
An economic system in which people usually produce just what they need to survive.
Traditional
Command
Market
Mixed
