| Question | Answer |
| What is a system in which economic decisions are based on customs and beliefs that have been handed down from generation to generation called? | Traditional economy
|
What is a system in which the government controls the factors of production and makes all decisions about their use called?2 | Command Economy2
| What is an economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference called?3 | Free Enterprise3
| A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all?4 | Invisible Hand4
| Different people doing different jobs that in the end all combine to finish a complicated task or activity also called specialization.5 | Division of Labor5
| The total market value of all final goods and services produced within the borders of a nation within a year.6 | GDP6
| The resources necessary to produce all goods and services: land, labor, capital, and entrepreneurship.7 | Factors of Production7
| A rise in the general level of prices.8 | Inflation8
| What type of economy provides a stable,predictable,and continuous life?9 | Traditional
| What type of economy provides basic education,health,and other public services available at little or no cost?10 | Command10
| What type of economy has little or no government interference?11 | Market11
| What type of economy is practiced by the African MButi?12 | Traditional12
| What type of economy does not produce enough public goods such as defense, education, or health care?13 | Market
| What type of a economy does a poor job of meeting the wants and needs of the consumer?14 | Command14
| What is Mr. McDowell's favorite movie?(Hint: It stars Marlon Brando)15 | The Godfather15 |
