W4D2_Econ Lecture

W4D2_Econ Lecture

6 Traits of the Market Economy

Multiple Select

Owning something gives you the right to

• Buy It

• Sell It

• Donate It

Multiple Select

True/False: Profit is possible without the right to own property

• True

• False

Fill in the Blanks

Buyers/Consumers and Sellers/Producers freely

goods and services on the open market.

Multiple Select

The market forces of supply and demand determine what _______ will be.

• Profit

• Prices

• Supply

• Demand

Multiple Choice

People's self-interest motivates then to produce in the hope of making _____.

• Goals

• Money

• Profit

• Losses

Fill in the Blanks

Consumer's self-interest is an incentive to fulfill their

and needs at the best price possible.

Open Ended

Provide an example of a purchase decision you made recently where you weighed your wants and needs in order to get the best price possible.

6 Traits of a Market Economy #4: Freedom of Choice

• People are free to choose what to produce and what to consume.

• The choices producers and consumers make determines what goods and services are available. 

6 Traits of a Market Economy #5: Competition

• Producers compete with each other for profits by trying to produce goods and services that will be most attractive to consumers

• This leads to innovation (new ideas) and better prices. 

Multiple Select

True/False: Innovation leads to higher prices

• True

• False

6 Traits of a Market Economy #6: Limited Government Role

• The government does not make rules about what and how much gets produced.

• The government’s main role is to make sure the market is fair and producers have a chance to compete. 

Open Ended

Why would government involvement in the economy be: 1) good (give example) and 2) bad (give example)

Multiple Choice

The __________ producers and consumers make determines what goods and services are available.

• Profit

• Choices

• Prices

Fill in the Blanks

In a

Economy people are free to choose what to produce and what to consume.

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