Economic Systems: Question Preview (ID: 13241)


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Each Economic systems answers the following questions: What, How, and Why we produce goods.
a) True b) False c) d)
What productive resource is a characteristic of individuals who assume the risk of organizing productive resources?
a) Land b) Labor/ Human c) Entrepreneurship d) Capital
Trade is necessary in an economic system.
a) True b) False c) d)
Second Alternative is what?
a) Opportunity Cost b) Trade-off c) d)
What productive resource is the quantity and quality of human effort to produce goods and services.?
a) Land b) Labor/ Human c) Capital d)
Mixed Economy decisions are based off of who?
a) Consumers b) All the above c) Businesses d) Government
Market economy bases every desicion off of what?
a) businesses b) consumers c) businesses and consumers d) government
All economic decisions in a command economy are decided by whom?
a) Government b) All the Above c) Businesses d) Consumers
Sacrificing one good or service to produce another good or service is what?
a) Trade-off b) Opportunity Cost c) d)
What are the four main economic systems?
a) Communism, Market, Socialism, and Traditional b) Command, Market, Mixed, Traditional c) Communisim, Market, Traditional, Mixed d) Command, Market, Mixed, Socialism
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