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What does "scarcity" mean?

What is one major issue facing a command economy?

Economics Basics

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Answers

1
What is one major issue facing a command economy?
education is offered at no cost
food prices are set at a low level
the price of housing is set at a low level
shortages of goods may occur based on bad predictions
2
What does "scarcity" mean?
a town full of scarecrows
when an item is highly wanted but there is a limited supply
when the demand of an item is low
High wages and high prices of goods
3
The limit of a worker's production or the amount that can be consumed is called...
a demand
a tariff
a quota
an embargo
4
Customs and habits are most important to which type of economy?
traditional
market
command
market
5
What is the most common form of economic system in the world today?
market
command
mixed
traditional
6
Which is a typical type of activity found in a traditional economy?
Hip Hop singer
Computer technician
professional rodeo clown
Pig farmer
7
This is the oldest form of economy
Market
Command
Mixed
Tradtional
8
Decisions are made by the buyers and sellers in a...
command economy
mixed economy
traditional economy
Market economy
9
What is a problem of a market economy?
the government often makes bad predictions
there is no currency used
the prices go up if demand goes up and supply stays the same
individuals cannot own businesses or land
10
Which of the following economic systems allows the individual the personal choices?
Command
Traditional
Mixed
Market