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☆☆☆☆☆Cards in this guide (12)
What type of economy is it where all economic decisions are based on age-old customs
A traditional economy is where all economic decisions are based on age-old customs.
Which term describes an economy with more than one type of economic structure
Mixed-market is the term that describes an economy with more than one type of economic structure.
What is the process of the availability of the goods compared to the number of people who want to buy the product known as
supply and demand
What do people of a complex society work to produce
People of a complex society work to produce a sustainable food supply, social beliefs, specialized labor, and a workable system of government. They create language, religions, laws, and strive to produce high quality music, art, and literature.
What happens when a company produces a small quantity of a product and a large number of people want to purchase the product
When a company produces a small quantity of a product and a large number of people want to purchase the product, the demand will cause the price of the product to go up.
Which economic model did Karl Marx fully support
Socialist
In which type of economy are the producers of goods and services able to react to consumer choices
market
Which economy answers the three basic economic questions with the phrase Do as we have always done
Market
Examples such as Social Security welfare and disability benefits fall under which category of economic functions of government
equity
In Which type of economy does the government decide what to produce how to produce and for whom to produce
Controlled.
What best describes the efficiency function of economics
The government oversees the production of goods and services
What of the following is not a basic economic function of government
equality
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