Economic Systems

Question 1

What Does Scarcity Mean?

Answer 1

Limited Supply of Something

Question 2

What Are The Three Basic Economic Questions?

Answer 2

1) What Goods/Services Will Be Produced? 2) How will Goods/Services Be Produced? 3) Who Will Consume The Goods/Services?

Question 3

What Is Traditional Economy

Answer 3

All Economic Decisions Are Based On Customs, Traditions, & Beliefs Of The Past

Question 4

What Does Bartering Mean?

Answer 4

Trading Without Using Money

Question 5

What Does Command Economy Mean

Answer 5

All Economic Decisions Are Made By The Government

Question 6

What Does Market Economy Mean?

Answer 6

Economic Decisions Are Made Based On The Changes In Prices That Occur As Buyers & Sellers Interact In The Market Place

Question 7

Free Enterprise

Answer 7

Competition Between Companies

Question 8

All Countries Are Classified As What Economy?

Answer 8

Mixed

Question 9

The Economic Continuum

Answer 9

Freedom An Individual/Business Has In Business

Question 10

Nation-State

Answer 10

A Country With A Government

Question 11

Gov. Power-Communism

Answer 11

Everyone Is Equal And All Property Is Communally Owned

Question 12

Capitalism

Answer 12

Everything Is Privately Owned And Ruled By Free Competition

Question 13

Human Resources

Answer 13

Workers And Their Skills

Question 14

Supply and Demand

Answer 14

The Amount Of A Product And People’s Willingness Or Ability To Purchase Goods