What kind of economy do we have in the USA?

We have a mostly free market with some government limits.

Why have people always created economic systems?

We can't produce everything we want all by ourselves.

Why can't we have everything we want?

What we want is unlimited, but what can be made is limited.

What's the first thing you need to start a business?

The idea for the business & guts to take on the risks.

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Economic Systems AL COS 7

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Intro to basics of economic systems and fundamental concepts

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Questions 10

Answers

1
In which kind of economy does the public decide what to produce and what to consume?
Mixed Economy
Market Economy
Traditional Economy
Command Economy
2
Which kind of economy has private sector and government control of economic decisions?
Mixed Economy
Command Economy
Market Economy
Traditional Economy
3
In which kind of economy does the government decide what is produced and consumed for everyone?
Command Economy
Mixed Economy
Market Economy
Traditional Economy
4
Your company makes widgets. If the price customers will pay for them goes up, what will you do?
We won't make as many widgets.
We won't change anything.
We will have more customers.
We will make more widgets.
5
What kind of economy do we have in the USA?
We have a purely command economy.
We have a purely socialist market.
We have a purely free market economy.
We have a mostly free market with some government limits.
6
Why have people always created economic systems?
We all want other people to have less that what we have.
We all want to be rich.
We can't produce everything we want all by ourselves.
We can trust people to share what they have with us.
7
Why can't we have everything we want?
What we want is unlimited, but what can be made is limited.
There are people out there that want us to be unhappy.
We have to choose to not do things we want to do.
Making choices makes us better people.
8
If the price for widgets gets higher, what will you do?
I will buy more widgets.
I'll tell my friends to buy widgets.
I will buy fewer widgets.
I won't do anything.
9
What's the first thing you need to start a business?
The employees to make your product.
The idea for the business & guts to take on the risks.
The money and equipment you need to make your product.
The land on which to locate your business.
10
In which kind of economic system do people make most of what they use and barter for the rest?
Mixed Economy
Traditional Economy
Command Economy
Market Economy

Economic Systems AL COS 7 Flashcards | StudBud