Qustions:
A system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange
Question 1 options:
trade
bartering
Question 2 (1 point)
An economic model wherein government planners make all business and financial decisions.
Question 2 options:
market economy
command economy
Question 3 (1 point)
An economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom.
Question 3 options:
free enterprise
economic system
Question 4 (1 point)
The ___________ (or capitalist) model places economic decisions in the hands of the people and the law of supply and demand dictate what goods/services are produced/provided, at what price, etc.
Question 4 options:
command
market
Question 5 (1 point)
The required amount of a specific good that must be produced in a given time frame.
Question 5 options:
production quota
subsistence
Question 6 (1 point)
An economic model governed by custom, habit, and history.
Question 6 options:
traditional economy
command economy
Question 7 (1 point)
The capacity of private citizens to create new businesses independent of government direction or intervention.
Question 7 options:
entrepreneurship
free enterprise
Question 8 (1 point)
The creation, maintenance, and expansion of businesses outside the control or influence of the government.
Question 8 options:
production quota
free enterprise
Question 9 (1 point)
Producing only what is necessary for personal use/survival
Question 9 options:
subsistence
free enterprise
Question 10 (1 point)
A 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100).
Question 10 options:
free enterprise
economic continuum
Answers:
Question 1:Bartering
Question 2:Command Economy
Question 4:Market
Question 5:Production Quota
Question 6:Traditional Economy
Question 7:Entrepreneurship
Question 8:Free Enterprise
Question 9:Subsistence
Question 10:Economic Continuum