What is a mixed economy?

An economic system with elements of both the command and market economy

What is a craftsperson?

Someone who produces a good and completes all the steps alone

What is division of labor?

Assigning different parts of the production process to different people

What is a market economy?

Economic decisions are based on the interaction of buyers and sellers

What is a command economy?

All economic decisions are made by the government

What is opportunity cost?

the loss of possible gain from other options when one alternative is chosen

What is commodity money?

A good that is also accepted as currency or money

What is a traditional economy?

All economic systems are based on customs and beliefs of the past

Which of the following is NOT a way you can increase productivity in the workplace?

Provide a break room for all employees to increase comradery

What drives a market economy?

Free enterprise (competition between companies)

What is a specialist?

When a person is put in charge of a certain step of a process

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Economic Systems

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Questions 19

Answers

1
What is production
When a person is put in charge of a certain step of a process
Assigning different parts of the production process to different people
Creating or making a good
Someone who produces a good and completes all the steps alone
2
What is a mixed economy?
All economic decisions are made by the government
Economic decisions are based on the interaction of buyers and sellers
An economic system with elements of both the command and market economy
All economic systems are based on customs and beliefs of the past
3
What is a craftsperson?
Assigning different parts of the production process to different people
Someone who produces a good and completes all the steps alone
When a person is put in charge of a certain step of a process
Creating or making a good
4
When done correctly, division of labor is more effective in producing a mass amount of goods
False
True
5
What is division of labor?
Creating or making a good
When a person is put in charge of a certain step of a process
Assigning different parts of the production process to different people
Someone who produces a good and completes all the steps alone
6
What is a market economy?
All economic systems are based on customs and beliefs of the past
Economic decisions are based on the interaction of buyers and sellers
An economic system with elements of both the command and market economy
All economic decisions are made by the government
7
What is a command economy?
An economic system with elements of both the command and market economy
All economic decisions are made by the government
Economic decisions are based on the interaction of buyers and sellers
All economic systems are based on customs and beliefs of the past
8
What is opportunity cost?
What you pay an employee
The cost of a good or service
the loss of possible gain from other options when one alternative is chosen
The amount it costs to buy something
9
What is the formula for productivity?
demand/supply
supply/demand
output/input
input/output
10
What is commodity money?
A good that is also accepted as currency or money
Anything widely accepted in exchange for goods or services
A service
Just a good
11
Which of the following is a characteristic of money
shiny
circular
irregular
uniform
12
Ms. Shoemaker wants to buy a new dog. She goes to the animal shelter and spends her money to buy an adorable new husky.
Medium of exchange
Complex ratio
store of value
Unit of Account
13
What is a traditional economy?
All economic systems are based on customs and beliefs of the past
Economic decisions are based on the interaction of buyers and sellers
All economic decisions are made by the government
An economic system with elements of both the command and market economy
14
Which of the following is NOT a way you can increase productivity in the workplace?
Specialization - each person becomes an expert in the assembly line
Introduce/invest in new technology (capital goods)
Train/Educate workers (human capital)
Provide a break room for all employees to increase comradery
15
Mrs. Brown gets her paycheck and saves it up so she can buy a beautiful new beach house. What function of money is this?
Medium of exchange
Unit of Account
store of value
Complex ratio
16
Which of the following is NOT a characteristic of money?
durable
scarce
obtainable
portable
17
What drives a market economy?
Free enterprise (competition between companies)
Unions
Restrictions from the government
Manufacturing
18
John wants to buy a guitar. He goes to 3 different music stores looking at the prices. Which function of money is this?
Complex ratio
Medium of exchange
Unit of Account
store of value
19
What is a specialist?
When a person is put in charge of a certain step of a process
Someone who produces a good and completes all the steps alone
Creating or making a good
Assigning different parts of the production process to different people

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