Economics SOL Standard 11: Marketplace decisions and Economic systems

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What does the term 'scarcity' refer to in economics?

Resources being completely exhausted

Limitation of resources to meet all wants

The oversupply of goods

What are 'goods' in the context of economics?

Items that can be seen, touched and exchanged

Services offered for a fee

Performances provided by people

When we speak of 'services' in economics, what do we mean?

Items produced for direct use

Goods traded in the marketplace

Acts performed for others in exchange for compensation

What is 'opportunity cost' in economic terms?

The value of your second best option 

Cost of producing goods or services

Expenses for advertisement

The price you pay for a product

What are the four factors of production in economics?

Land, Labor, Capital, Entrepreneurship

Supply, Demand, Capital, Labor

Buyers, Sellers, Products, Prices

Resources, Demand, Supply, Expenses

What does ‘capital‘ refer to in economics?

The monetary value of a company

The highest value product

The supply of finished goods

The machinery, tools and buildings

What are the three basic questions about economic systems?

Where, Why and How to produce?

What, How and for Whom to produce?

What, When and Where to produce?

How, When and What to produce?

Which economic system involves individuals and businesses making most decisions?

Command Economies

Market Economies

Mixed Economies

Traditional Economies

What is a characteristic of a traditional economy?

It has a high level of state control.

It uses modern technology.

It relies on customs and bartering.

Money is the main medium of exchange.

In which economy does the government have the least involvement?

Mixed economy

Command economy

Market economy

Which type of economy typically has the greatest income inequality?

Market economy

Mixed economy

Traditional economy

Command economy

What is a significant downside of a traditional economy?

It values profit over wellbeing.

It requires a lot of government intervention.

It may resist new ideas and technology.

What is a significant downside of a market economy?

It can lead to higher levels of economic inequality

Public services make up a greater share of the government’s budget 

Tax rates are generally higher than in mixed or command economies 

It provides more choices to consumers

In which economic system does the government make all the decisions?

Command Economies

Traditional Economies

Market Economies

Mixed Economies

What is a common disadvantage of command economies?

Mixing of the public and private sector

More public services 

Less economic freedom for individuals

High levels of economic inequality

What economic system is a blend of market and command economies?

Market Economies

Traditional Economies

Command Economies

Mixed Economies

What is a primary characteristic of a mixed economic system?

Only government control

No involvement of the state

Exclusive market freedom

Combination of public and private ownership

Who primarily makes economic decisions in the public sector of a mixed economy?

The government

International traders

Private companies

Individual consumers

In a mixed economy, who controls the production of goods in the private sector?

Private businesses

International organisations

Consumer groups

The government

The United States has a __________ economy

Command

Traditional

Market

Mixed

What does the term 'scarcity' refer to in economics?

Resources being completely exhausted

Limitation of resources to meet all wants

The oversupply of goods

What are 'goods' in the context of economics?

Items that can be seen, touched and exchanged

Services offered for a fee

Performances provided by people

When we speak of 'services' in economics, what do we mean?

Items produced for direct use

Goods traded in the marketplace

Acts performed for others in exchange for compensation

What is 'opportunity cost' in economic terms?

The value of your second best option 

Cost of producing goods or services

Expenses for advertisement

The price you pay for a product

What are the four factors of production in economics?

Land, Labor, Capital, Entrepreneurship

Supply, Demand, Capital, Labor

Buyers, Sellers, Products, Prices

Resources, Demand, Supply, Expenses

What does ‘capital‘ refer to in economics?

The monetary value of a company

The highest value product

The supply of finished goods

The machinery, tools and buildings

What are the three basic questions about economic systems?

Where, Why and How to produce?

What, How and for Whom to produce?

What, When and Where to produce?

How, When and What to produce?

Which economic system involves individuals and businesses making most decisions?

Command Economies

Market Economies

Mixed Economies

Traditional Economies

What is a characteristic of a traditional economy?

It has a high level of state control.

It uses modern technology.

It relies on customs and bartering.

Money is the main medium of exchange.

In which economy does the government have the least involvement?

Mixed economy

Command economy

Market economy

Which type of economy typically has the greatest income inequality?

Market economy

Mixed economy

Traditional economy

Command economy

What is a significant downside of a traditional economy?

It values profit over wellbeing.

It requires a lot of government intervention.

It may resist new ideas and technology.

What is a significant downside of a market economy?

It can lead to higher levels of economic inequality

Public services make up a greater share of the government’s budget 

Tax rates are generally higher than in mixed or command economies 

It provides more choices to consumers

In which economic system does the government make all the decisions?

Command Economies

Traditional Economies

Market Economies

Mixed Economies

What is a common disadvantage of command economies?

Mixing of the public and private sector

More public services 

Less economic freedom for individuals

High levels of economic inequality

What economic system is a blend of market and command economies?

Market Economies

Traditional Economies

Command Economies

Mixed Economies

What is a primary characteristic of a mixed economic system?

Only government control

No involvement of the state

Exclusive market freedom

Combination of public and private ownership

Who primarily makes economic decisions in the public sector of a mixed economy?

The government

International traders

Private companies

Individual consumers

In a mixed economy, who controls the production of goods in the private sector?

Private businesses

International organisations

Consumer groups

The government

The United States has a __________ economy

Command

Traditional

Market

Mixed