03.20.24 Laws of Economics

Labeling

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economy

import

GDP

command economy

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In the beginning, ​

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created​

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…and it was good.

England established colonies based on ​

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, expand TRADE,  increase WEALTH, expand POWER. The colonies existed to make ​

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for England. The ​

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restricted American colonial trade.

Multiple Select

What are the THREE Laws of Economics?

• Self-interest

• Competition

• Supply & Demand

• Captial

Multiple Choice

What is the Law of Self-Interest?

• Individuals act in a way that is most beneficial to themselves.
• Individuals act in a way that is most beneficial to society.
• Individuals act in a way that is most beneficial to the environment.
• Individuals act in a way that is most beneficial to others.

Multiple Choice

Which of the following is an example of the Law of Competition?

• Multiple companies lowering their prices to attract customers
• Companies collaborating to fix prices
• Companies ignoring market demand
• A single company monopolizing the market

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