Economics SOL Standard 11: Marketplace decisions and Economic systems
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Last updated over 1 year ago
20 questions
1
What does the term 'scarcity' refer to in economics?
What does the term 'scarcity' refer to in economics?
1
What are 'goods' in the context of economics?
What are 'goods' in the context of economics?
1
When we speak of 'services' in economics, what do we mean?
When we speak of 'services' in economics, what do we mean?
1
What is 'opportunity cost' in economic terms?
What is 'opportunity cost' in economic terms?
1
What are the four factors of production in economics?
What are the four factors of production in economics?
1
What does ‘capital‘ refer to in economics?
What does ‘capital‘ refer to in economics?
1
What are the three basic questions about economic systems?
What are the three basic questions about economic systems?
1
Which economic system involves individuals and businesses making most decisions?
Which economic system involves individuals and businesses making most decisions?
1
What is a characteristic of a traditional economy?
What is a characteristic of a traditional economy?
1
In which economy does the government have the least involvement?
In which economy does the government have the least involvement?
1
Which type of economy typically has the greatest income inequality?
Which type of economy typically has the greatest income inequality?
1
What is a significant downside of a traditional economy?
What is a significant downside of a traditional economy?
1
What is a significant downside of a market economy?
What is a significant downside of a market economy?
1
In which economic system does the government make all the decisions?
In which economic system does the government make all the decisions?
1
What is a common disadvantage of command economies?
What is a common disadvantage of command economies?
1
What economic system is a blend of market and command economies?
What economic system is a blend of market and command economies?
1
What is a primary characteristic of a mixed economic system?
What is a primary characteristic of a mixed economic system?
1
Who primarily makes economic decisions in the public sector of a mixed economy?
Who primarily makes economic decisions in the public sector of a mixed economy?
1
In a mixed economy, who controls the production of goods in the private sector?
In a mixed economy, who controls the production of goods in the private sector?
1
The United States has a __________ economy
The United States has a __________ economy