Podcast
Questions and Answers
Which of the following is not one of the five fundamental economic questions?
Which of the following is not one of the five fundamental economic questions?
- What to produce
- When to produce
- Why to produce (correct)
- How to produce
Which type of economic system is based on passing tasks from one generation to another through custom?
Which type of economic system is based on passing tasks from one generation to another through custom?
- Command economy
- Mixed economy
- Traditional economy (correct)
- Market economy
What determines where goods and services are produced in an economic system?
What determines where goods and services are produced in an economic system?
- Seasons
- Demand
- Custom (correct)
- Technology
Which economic system refers to a set of economic institutions that dominate a given economy?
Which economic system refers to a set of economic institutions that dominate a given economy?
What is the main objective of an economic system?
What is the main objective of an economic system?
Flashcards
Non-Economic Questions
Non-Economic Questions
Not 'Why to produce,' but rather what, how, and for whom.
Traditional Economy
Traditional Economy
An economy where tasks are passed down through generations via custom.
Production Location (Traditional)
Production Location (Traditional)
Goods and services are produced based on custom.
Economic System
Economic System
A system dominated by economic entities.
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Main Objective
Main Objective
To address fundamental economic problems.
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