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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