What is meant by the basic economic problem?

Humans have needs & wants and there aren't enough resources to satisfy them

3 questions that must be answered by an economic system

what to produce, how to produce and for whom to produce

What is mixed economy?

A mix of a government and privately-owned businesses-controlled economy

When something is scarce there is .....

there is a Limited supply of it

3 questions that must be answered by an economic system

what to produce, how to produce and for whom to produce

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Economic Systems Grade 9

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Questions 13

Answers

1
What is meant by the basic economic problem?
Humans have needs & wants and there aren't enough resources to satisfy them
The resources are unlimited
Humans just have needs
None of these
2
What type of government involvement is there in a mixed market involvement?
Limited Government Involvement
No Government Involvement
Unlimited Government Involvement
None of the Above
3
What is market economy?
Government is in charge
Individuals are in charge
No one is in charge
Both government and individuals are in charge
4
3 questions that must be answered by an economic system
what to produce, how to produce and why to produce
what to produce, how to produce, how much to produce
how to produce, when to produce and how much to produce
what to produce, how to produce and for whom to produce
5
In which system are the production and distribution of goods owned by people and companies?
Traditional
Communist
Market
Planned
6
Which country has the most extreme example of a command economy?
Saudi Arabia
Botswana
Cuba
North Korea
7
What is mixed economy?
A struggling economy
A mix of a government and privately-owned businesses-controlled economy
A term to describe the economy when something bad happens to it
An economy where a couple powerful people have control
8
When something is scarce there is .....
you cannot buy it
it does not exist
an Unlimited supply of it
there is a Limited supply of it
9
Economic system in which the government makes all decisions
Command
Traditional
Mixed
Market
10
3 questions that must be answered by an economic system
how to produce, when to produce and how much to produce
what to produce, how to produce and why to produce
what to produce, how to produce, how much to produce
what to produce, how to produce and for whom to produce
11
A person who takes a risk to start their own business is
a good oke
an intrepreneur
a businessman
an entrepreneur
12
The main characteristic of a Market Economy is...
they follow tradition
Government has full control
governement and private businesses work together
government has no control
13
Who controls the distribution of resources in a Command/Planned Economy?
Government
Traditions
Consumers
Businesses

Economic Systems Grade 9 Flashcards | StudBud