Economic Systems Review

Being able to choose where you want to work is an example of what economic goal?

What motivates most people in the free enterprise system?

The idea of no government involvement in the economy is summarized in what term?

Hunters using every part of the animal they have killed is an example of what economic goal?

Having an inflation rate of 2.5% is an example of what economic goal?

Which economic system tends to answer economic questions based on customs and rituals?

Which economic system, in theory, has resources owned collectively by the people and lacks individual private property?

In which system would you see no economic security, be highly individualized, & a high degree of economic freedom?

Businesses supplying services that people would like to buy is an example of what characteristic?

Which system has a large public sector and a small, regulated private sector?

Having an unemployment rate of 3% is an example of what economic goal?

Which economic question helps determine who gets access to goods and services?

Receiving a patent on an invention is an example of what characteristic in the free enterprise system?

What is the name of the United States’ economy?

What type of economic efficiency is achieved in a traditional economy?

 A store having multiple brands of a product being sold at a variety of prices is an example of what characteristic?

How society organizes itself and resources to answer economic questions and provide for the people is known as

Which system has a large private sector and a small, controlled public sector?

Which economic question helps determine the goods and services that are being produced?

Which economic question helps determine the method of production of goods and services?

Receiving a monthly disability check from the federal government is an example of what economic goal?

Schools not being able to turn away students because of their religious beliefs is an example of what economic goal?

Increased GDP (national output of goods and services) from last year is an example of what economic goal?

Which of the following is NOT one of the three economic questions?