Economic Systems

Question 1

Scarcity

Answer 1

the limited supply of something

Question 2

What are the three basic economic questions?

Answer 2

What, how, and who

Question 3

All economic decisions are based on _______ of the past.

Answer 3

Customs, traditions, and beliefs

Question 4

Batering

Answer 4

trading without using money

Question 5

All economic decisions are made by the __________

Answer 5

government

Question 6

Economic decisions are made based on the changes in prices that occur as buyers & sellers interact in the ___________________

Answer 6

Market place

Question 7

Most democratic countries have some characteristics of both systems, so we keep it simple and call them:__________

Answer 7

Mixed economy

Question 8

Nation-state

Answer 8

A country with a government

Question 9

Communism

Answer 9

Everyone is equal and all property is communally owned.

Question 10

Capitalism

Answer 10

Everything is privately owned and ruled by free competition

Question 11

Human Resources

Answer 11

Workers and their skills

Question 12

Supply and Demand

Answer 12

Amount of the product and people’s willingness or ability to purchase it.

Question 13

Most democratic countries have some characteristics of both systems, so we keep it simple and call them

Answer 13

Mixed economy

Question 14

How economically free a country is on a scale of 1-100 is called an

Answer 14

economic continuum