Final for Economics exam questions with correct answers.

Final for Economics exam questions
with correct answers

What is an economy? - CORRECT ANSWER✔✔-The wealth and
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resources of a country or region
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What is economics? - CORRECT ANSWER✔✔-It is the study of how
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people choose to use resources
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What are the three economic resources? - CORRECT ANSWER✔✔-Land,
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labor, and capital
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Name two of the three economic questions. - CORRECT ANSWER✔✔-
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What goods and services should be produced?
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How should these goods and services be produced?
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Who consumes these goods and services?
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Name two of the four general economic goals. - CORRECT ANSWER✔✔-
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Economic efficiency |




Economic freedom |




Economic security and predictability
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, Economic equity |




Name two of the four economic systems. - CORRECT ANSWER✔✔-
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Traditional economies |




Market economies
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Command economies |




Mixed economies
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What is a traditional economy? - CORRECT ANSWER✔✔-Relies heavily
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on habit, custom, or ritual to decide what to produce and whom to
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distribute to |




What is a market economy? - CORRECT ANSWER✔✔-Where economic
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decisions are made by individuals and are based on exchange or trade
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What is a command economy? - CORRECT ANSWER✔✔-The central
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government alone decides how to answer all three economic questions
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What is a mixed economy? - CORRECT ANSWER✔✔-A market-based
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economic system in which the government plays a limited role
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What is the economic system in the United States? - CORRECT
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ANSWER✔✔-Capitalist economy |