2021 Economics I Review

Which type of economy has the MOST government control?

These factory workers demonstrate the term

The interaction of supply and demand determines _____.

Everyone in his family is a basket weaver. What type of economy is this?

This picture shows the concept of

What type of resource is this?

Which type of economy does the US have? (Hint: it's the most popular economy type in the world)

All are true statements about a command economy EXCEPT:

Economics is the study of how society uses it's limited resources.

Which of the following is an example of scarcity of resources?

All are basic economic questions that must be answered EXCEPT:

No government involvement and individual choice are characteristics of a free market economy.

Jim is picking between playing football or TV. He picks TV. What's the opportunity cost?