Economics Review

When looking at economic systems, there are 3 questions that must be answered:

1) What to produce

2) For whom to produce

3) ?????

What does the word SCARCE mean? (Check all that apply)

Consumers demand products. These demands on products are based on ____ and ______.

The first type of economic system, a _____ economy, is where the three economic questions are answered by culture, tradition, and family history.

In a command economy, the government answers all three economic questions. Another name for government control of everything is called ____

A free market economy is also called _____.

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

,In my country, the government tells me where to work.

In my country my job is the same one that my family has done over the past 200 years.

In my country, central planners decide when we should expand old factories and build new ones.