14 questions
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market