Economic Fundamentals
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Questions and Answers

What is an economy?

  • A nation's method for making economic choices (correct)
  • A system for distributing goods and services
  • A nation's political and economic philosophies
  • A method for meeting the needs of production

    • What is the main factor that affects the economy?

  • Political decisions
  • Technological advancements
  • Scarcity (correct)
  • Consumer demand

    • Which of the following economies answers the three basic economic questions through government control?

  • Mixed economy
  • Command economy (correct)
  • Market economy
  • Traditional economy

    • Why are most economies considered mixed?

    <p>To combine the advantages of different economic systems</p> Signup and view all the answers

    What does the term 'factors of production' refer to?

    <p>Resources used to produce goods and services</p> Signup and view all the answers

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