Economics Review

Economics Review

Review of SS6E7abc

Learning Target: I can differentiate between traditional, command, and market economies

Economic Questions

• What to produce

• For whom to produce

• ?

Multiple Choice

When looking at economic systems, there are 3 questions that must be answered:

1) What to produce

2) For whom to produce

3) ?????

• Why to produce

• Where to produce

• When to produce

• How to produce

Studying economics is important because resources are scarce.

Economic systems are how a country decides on how to distribute it's resources.

Multiple Select

What does the word SCARCE mean? (Check all that apply)

• few

• limited

• abundant

• in short supply

Open Ended

There are consumers and there are producers. Producers create goods and services. What is the difference between a good and a service?

Multiple Select

Consumers demand products. These demands on products are based on ____ and ______.

• needs

• supply

• wants

• demand

Economic Continuum

We know that even though we have different types of economic systems, most countries today operate a MIXED economy, which combines elements of the 3 main types of economies.

Multiple Choice

The first type of economic system, a _____ economy, is where the three economic questions are answered by culture, tradition, and family history.

• mixed

• traditional

• command

• free market

Traditional Economy

• What to produce → tradition and family history

• How to produce → tradition and family history

• For whom to produce → tradition and family history

Command Economy

• what to produce → government

• How to produce → government

• For whom to produce → government

Multiple Choice

In a command economy, the government answers all three economic questions. Another name for government control of everything is called ____

• communism

• capitalism

• social security

• socialism

Free Market Economy

The economic system is the opposite of a COMMAND system. The three economic questions are answered by private business and citizens, with little or no government interference.

Multiple Select

A free market economy is also called _____.

• socialism

• capitalism

• communism

• traditionalism

MIXED ECONOMY

The majority of all economies today are mixed economies. This means that the 3 main economic questions are answered by the government, private businesses, and consumers.

Economy Continuum Scale

Multiple Choice

What resource is this?

• capital resource
• natural resource
• human resource

Multiple Choice

Which economy is not on the economic continuum?

• Mixed
• Traditional
• Command
• Market

Multiple Choice

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

Multiple Choice

Which economy is dictated by supply and demand and the buyers and sellers?

• Market
• Socilaism 
• Mixed 
• Command 

Multiple Choice

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Multiple Choice

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

Multiple Choice

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

,In my country, the government tells me where to work.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

Multiple Choice

In my country, central planners decide when we should expand old factories and build new ones.

• Traditional

• Command

• Market

• Mixed