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Econ Test

Enter the letter for the matching Definition
incorrect
1.
market economy
incorrect
2.
communism
incorrect
3.
incentive
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4.
authoritarian socialism
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5.
capitalism
A.
an economic system which gov't owns or controls all factors of production
B.
individuals answer the basic quetion economic question
C.
an economic system which government owns or controls all factors of production
D.
something that encourages you to behave in a particular way
E.
individuals iwn the factors of production and answer the questions
Type the Term that corresponds to the displayed Definition.
incorrect
6.
based on a society's values, its customs and tradition.
incorrect
7.
relies on government officials to answer three basic economic questions.
incorrect
8.
free echange of goods and services
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9.
the impulse that encourages people to fulfill their needs and wants
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10.
a combination of elements of tradional, market, and command economic models to answer basic question
incorrect
11.
the gov't owns some of the factors of production

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Created by: aleelandero
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