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Economic Systems
Economic Systems
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A review of #EconomicSystems and What-How-Who is affected by #economics
Flashcards
11 cards
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Questions
11
Answers
1
Hunting and gathering is an example of what type of
economic system
?
mixed economy
traditional economy
market economy
command economy
2
Economics
can be defined as the study of how people make choices in a world with:
unlimited wants and limited needs
unlimited wants and limited resources
unlimited needs and limited wants
unlimited resources and limited wants
3
Having not enough paper for all your classes is an example of:
scarcity
irresponsibility
limited needs
laziness
4
What is the currency of the U.S. called?
M's in my bank account
pesos
dollars
cash
5
Wood, metal, and lead are all considered what kind of resource?
capital
land
entrepreneurship
labor
6
What is the name of the currency the Philippines uses?
Yen
Euro
pesos
Filipino money
7
What are the four factors of production?
land, labor, capital, and entrepreneurship
businesses, customers, money, and sales
producers, consumers, wants, and needs
buyers, sellers, goods, and services
8
What
economic system
does the U.S. have?
market economy
mixed economy
command economy
traditional economy
9
In which
economic system
does the government have all the control?
mixed economy
market economy
command economy
traditional economy
10
A
mixed economy
is a "mix" of what two other economic systems?
command and traditional economies
U.S. and Canadian economies
traditional and market economies
command and market economies
11
A person who buys goods and services is called a
Consumer
Customer
Buyer
Seller
