Economic Systems Overview Quiz

Which economic system relies on bartering and trading, with little surplus produced?

In which economic system is all property publicly owned, and people are paid according to their abilities and needs?

Which economic system involves the means of production being privately owned and operated for profit?

Which type of economy has the government deciding everything and is mostly government controlled?

Which economic system tends to discourage new ideas and new ways of doing things?

Which economic system has no incentive to innovate and makes it harder to work?

What type of economic system is described as a combination of capitalistic economic freedom and principles of socialistic economic control?

Which of the following refers to the lack of resources and is one of the basic economic problems?

What does the term 'inferior good' refer to?

In economics, what does the term 'ceteris paribus' mean?

What is the main reason for considering the population as a determinant of demand?

What is the relationship between two complementary goods?

What type of good is affected by the demonstration effect?

What does the demand curve represent?

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

Which economic system has all property publicly owned, and people are paid according to their abilities and needs?

What does the term 'ceteris paribus' mean in economics?

Which economic system involves the means of production being privately owned and operated for profit?

What happens to the elasticity of demand for luxury/superior goods when people expect prices to increase?

Which economic system relies on bartering and trading, with little surplus produced?

What does the demand curve represent in economics?

What is the main reason for considering the population as a determinant of demand?

What is the relationship between two complementary goods?

What type of good is affected by the demonstration effect?

What does the Production Possibility Frontier illustrate in economics?

What are the basic economic problems faced by traditional economies?

What is the main characteristic of a planned economy or pure command economy?

What is the primary disadvantage of a traditional economy?

Which economic system makes use of antiquated equipment, tools, and systems?

What are the advantages of a planned economy or pure command economy?

In a market economy or pure market economy, who decides what to produce, how to produce, and for whom to produce?