Economics

Question 1

In a Command system, who controls and regulates the industries and the goods?

Accepted Answer

The Government

Question 2

The price of an item will increase if the ________ is low

Accepted Answer

Supply

Question 3

If consumers spend more money, the economy will...

Accepted Answer

Grow

Question 4

What are the four main types of economic systems?

Accepted Answer

Traditional, Command, Market and Mixed

Question 5

What are the three factors of production?

Accepted Answer

Capital, Land & Labour

Question 6

In this system, workers will take home a fixed amount of money no matter how much they produce

Accepted Answer

Command

Question 7

________ is the study of the making, buying, and selling of goods and services.

Accepted Answer

Economics

Question 8

Producers always decide what to produce, how to make it, and sell to consumers in a ________

Accepted Answer

Market Economy

Question 9

An increase in Supply will result in a decrease in_______

Accepted Answer

Price, Demand

Question 10

If the ________ for an item is low, the price will decrease

Accepted Answer

Demand

Question 11

A worker in this system would most likely have the same job as his or her ancestors

Accepted Answer

Traditional

Question 12

Land, labour, capital and enterprise are referred to as?

Accepted Answer

Factors of production

Questions 12