What Is a Market Economy?

Multiple Select

Scarcity occurs when...

• there is not enough of something.

• you live in a city that is scary.

• people want a lot of something.

Multiple Choice

An economic system where the consumer drives many economic decisions

• economic system

• market economy

• supply

• demand

• incentives

Multiple Choice

The system a society uses to answer the three basic economic questions

• economic system

• market economy

• supply

• demand

• incentives

​https://www.youtube.com/watch?v=GqeRnxSuLFI&feature=youtu.be

Multiple Choice

The amount of a product or service in the market

• economic system

• market economy

• supply

• demand

• incentives

Multiple Choice

The amount of a consumer's desire to pay a price for a good or service

• economic system

• market economy

• supply

• demand

• incentives

Open Ended

What other products can you think of that have similar outcome as the story of Silly Bandz?

Open Ended

Your team has just won the league championship! To celebrate, you are all going out to have a pop. How will you decide where to go and buy your pop?

Multiple Choice

Things offered by businesses to increase the chacne that a good or service will be purchased

• economic system

• market economy

• supply

• demand

• incentives

Open Ended

What could you do to compete against the new business next door?

​You will answer these questions in the next slide.

Open Ended

What resources would you need to run your ice cream shop?

Open Ended

What types of incentives might your business offer to increase your sales?

Poll

What time of year would there be the highest demand for ice cream?

• Spring

• Winter

• Summer

• Fall