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- Multiple ChoicePlease save your changes before editing any questions.Economic System where there is limited technology and ideas are passed down from generation to generationCommandTraditionalMixedMarket
- Multiple ChoicePlease save your changes before editing any questions.How will scarcity of a capital good impact price?Price would go upPrice would go downPrice would stay the sameYou wouldn't sell any
- Multiple ChoicePlease save your changes before editing any questions.Which of these jobs is involved in production?SecretaryFactory workerTruck driverZoo keeper
- Multiple ChoicePlease save your changes before editing any questions.Quantity meansbest itemthe amount
- Multiple ChoicePlease save your changes before editing any questions.What do you need to produce other goods and services?consumer goodscapital goodsnondurable goodsGross Domestic Product (GDP)
- Multiple ChoicePlease save your changes before editing any questions.The thing that you give up (the next best alternative) when you make a decision is known asOpportunity CostScarcityIncentiveChoice
- Multiple ChoicePlease save your changes before editing any questions.Trading something for something else - no currency involveddemandbartergoodsmarket
- Multiple ChoicePlease save your changes before editing any questions.How much people want somethingsupplydemand
- Multiple ChoicePlease save your changes before editing any questions.The making, buying and selling of goods and serviceseconomicsinflationmarketbarter
- Multiple ChoicePlease save your changes before editing any questions.The first step in making a decision is to:A. Brainstorm possible solutionB. Describe the problem or situationC. Consider the consequencesD. Evaluate the decision
- Multiple ChoicePlease save your changes before editing any questions.
What are the characteristics of a traditional economic system?
Relies on government
Driven by consumers
built upon traditions, customs, and beliefs
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
- Multiple ChoicePlease save your changes before editing any questions.
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- Multiple ChoicePlease save your changes before editing any questions.What type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- Multiple ChoicePlease save your changes before editing any questions.If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- Multiple ChoicePlease save your changes before editing any questions.In this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- Multiple ChoicePlease save your changes before editing any questions.I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- Multiple ChoicePlease save your changes before editing any questions.Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.TraditionalFree MarketMixedCommand
- Multiple ChoicePlease save your changes before editing any questions.Who or what answers the basic economic questions in a command economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- Multiple ChoicePlease save your changes before editing any questions.Who or what answers the basic economic questions in a free market economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government