Types of Economics

Question 1

There are two basic types of economics in the world today

Answer 1

microeconomics and macroeconomics

Question 2

_______________ is the study of individuals, families, and businesses in the economy

Answer 2

microeconomics

Question 3

______________ is the study of the economy as a whole and is concerned with large-scale acbnomic ativity

Answer 3

macroeconomics

Question 4

___________ studies economics behaviors as it is

Answer 4

Positive Economics

Question 5

_____________ involves judgements of what economic behavior ought to be

Answer 5

Normative economics

Question 6

an_______________ is the way a society uses its scarce resources to satisfy its people’s unlimited wants

Answer 6

economic system

Question 7

There are three basic types of economic systems

Answer 7

traditional economics
command economics
market economics

Question 8

A _______________ is an economic system in which families,clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation

Answer 8

traditional economy

Question 9

The one goal of a traditional economy is _________

Answer 9

survival

Question 10

A _______________ the government decides what goods and services will be produced how they will be produced and how they will be distributed

Answer 10

command economics

Question 11

In a command economy the _________________ officials consider the resources and needs of the country and allocate those resources according to their judgement

Answer 11

government officals

Question 12

A ________________ is based on individual choice not government directives

Answer 12

market economy

Question 13

In a market economy _______________ drive the economy

Answer 13

consumers and producers

Question 14

In a market economy individuals act in their own ___________ when they make economic choices

Answer 14

self-interest