Economic Systems, Supply and Demand

This quiz contains different questions related to the Economic Systems and the concept of supply and demand. Various multiple-choice questions are added in the quiz for the effective learning of students.

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The initiative to improve goods & services or create new ones is ________

entrepreneurial resources


human resources

capital resources

This exists when wants exceed resources available to satisfy those wants.


market economy


mixed economy

 Goods that are produced and used to make other goods and services.

natural resources

human resources

entrepreneurial resources

capital resources

Most nations have this type of economy.  In it, the marketplace takes care of people's wants and the government takes care of their needs. The U.S. has this type.

Command Economy

Market Economy

Mixed Economy

Traditional Economy

A disadvantage to the Mixed Economy is

a balance of needs & wants are met.

citizens have to pay taxes.

marketplace takes care of people's wants.

government takes care of people's needs.

When the price is below the equilibrium price, more people are willing to buy a lot of the product.



When the price is above the equilibrium price, more people will be willing to buy.



 A supply & demand graph-

would show changes in the demand or supply of a product.

is a visual representation of supply & demand.

can predict the performance of the product over time.

all of the answers are correct

Quiz/Test Summary
Title: Economic Systems, Supply and Demand
Questions: 8
Contributed by:
Fun Learning