1.5 Econ Formative
LT 1.5 I can identify and explain how each economic system prioritizes social goals and makes decisions regarding allocation, production, and distribution.

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1. The method used by a society to produce and distribute its goods and services is an *
1 point
2. Which best fits the following statement? "The three fundamental economic questions are: what to produce,____, and for whom" *
1 point
3. Who answers the 3 key economic questions in a market economy? *
1 point
4. Who answers the 3 key economic questions in a command economy? *
1 point
5. Which of these economic goals is most important in a traditional economy? *
1 point
6. Which of these economic goals is most important in a market economy? *
1 point
7. Which of these economic goals is most important in a command economy? *
1 point
8. What does Adam Smith's idea of an "invisible hand" represent? *
1 point
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