CBA Review (Thursday) - Economies

CBA Review
Economies

By Chashah Israel & Jeremy Dotson

• Free Enterprise (Capitalism): Businesses are privately owned, compete with each other, and consumers have many choices. Also known as "Market Economy"

• Socialism: The government owns some big industries, but people can own small businesses too. (Example: India has a mixed system.)

• Communism: The government controls almost everything (farms, factories, stores). Consumers usually have fewer choices, and shortages happen often.

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• Market → Freedom & competition

• Command → Government control

• Traditional → Customs & tradition

• Mixed → Command + Market economy mixed together. Little bit of Government control, but also citizens have freedom to own businesses.

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​Factors of Production:

• Natural Resources = things from nature (water, trees, oil).

• Labor = human work.

• Capital = tools, machines, equipment.

• Entrepreneurship = people who take risks to start businesses.

​💰 Economies 💰

Multiple Choice

Which economic system gives the government the most control?

• Socialism

• Mixed

• Communism

• Free Enterprise

Multiple Choice

In which economic system do consumers usually have the most choices?

• Traditional

• Communism

• Socialism

• Free Enterprise

Multiple Choice

Which Economy type is similar to a Mixed Economy?

• Traditional

• Communism

• Socialism

• Free Enterprise

Categorize

Options (11)

bakery oven

farmer planting crops

A CEO planning a new company strategy

• A miner extracting coal

• A factory building used to make products

• A teacher educating students

• A forest used for timber

• A business owner starting a new restaurant

• A tractor used on a farm

• A construction worker building a house

Fish In the Ocean

Organize these options into the right categories

Natural Resources

Labor

Capital

Entrepreneurship