Economics Vocabulary And Types Of Economies Question Preview (ID: 23485)


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What economy blends aspects of Command and Free Market?
a) Mixed
b) Traditional
c)
d)

What type of economy does the US have?
a) Mixed
b) Traditional
c) Command
d) Free Market

Which one does not describe the US economy?
a) Centrally-planned
b) Competition
c) Consumer Soverignty
d) Private Property

Which is not a characteristic of a command economy?
a) Consumer Soverignty
b) Central Ownership
c) Lack of consumer choice
d) Centrally-planned economy

Which is not a characteristic of free market economy?
a) Centrally planned
b) Competition
c) Individual choice
d) Profit motive

Which is NOT a basic question of economics?
a) Why will it be produced?
b) What will be produced?
c) Who will produce it?
d) For whom will it be produced?

Goods made by people and used to produce other goods and services.
a) Capital resources
b) Consumer Soverginty
c) Import
d) Choice

People working to produce goods and services.
a) Human Resources
b) Consumer
c) Opportunity Cost
d) Capital Resources

The science that studies making, giving out and using goods and servics.
a) Economics
b) Civics
c) Algebra
d) Art

Not being able to meet all wants at the same time
a) Scarcity
b) Decision
c) Price
d) Service

When we choose to satisfy one of our wants we must give up another want.
a) Opportunity Cost
b) Consumer Soverignty
c) Scarcity
d) Wants

Selling goods to another country
a) Export
b) Import
c) Price
d) Services

Bringing in goods from another country
a) Import
b) Export
c) Price
d) Supply

Things people make, grow or use that can be purchased to satisfy needs and wants.
a) Goods
b) Services
c) Producer
d) Product

Actions that people do for others.
a) Services
b) Demand
c) Economics
d) Needs

The amount of a product available for conumers to buy.
a) Supply
b) Demand
c) Consumers
d) Services

What economy does NOT encourage competition?
a) Command
b) Mixed
c) Free Market
d)

What economy focuses on family?
a) Traditional
b) Free Market
c) Mixed
d) Command

What economy does not have private ownership of resources?
a) Command
b) Free Market
c) Traditional
d) Mixed

The ability for the buyers of a product to have control
a) Consumer Soverignty
b) Competition
c) Supply
d) Resource

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