Economics 2

Match

Match the following...

• Controlled by the wants and needs of consumers

• Controlled solely by the government and what they believe is best

• Controlled by the private and public sectors to prevent failure

• Controlled by historic values and decisions that have stood for generations

• Why do cows wear bells?

Market

Command

Mixed

Traditional

Their horns don't work

• Market

• Command

• Mixed

• Traditional

• Their horns don't work

Open Ended

What is the difference between Laissez Faire and Communism? Two sentences. RACE

Open Ended

What standard of living do you hope to attain in life? How do you plan to accomplish this goal?

Multiple Select

Select ALL that apply to Capitalism.

• Self Interest over Societal interest.

• The State owns all means of production.

• Limited Gov. involvement in the economy.

• Large government programs to prevent poverty.

Multiple Choice

The diagram represents a

• increase in demand

• decrease in demand

• change in quantity demand

• none of the above

Multiple Choice

What is the main idea of socialism as described in the image?

• Ownership by capitalists

• Power belongs to the working class

• Ownership by the people

• Ex – China, Yugoslavia

Multiple Choice

What does the term "means of production" refer to?

• The process of producing goods and services for profit.

• The resources needed for the production of goods and services.

• The outcome of economic activities in a capitalist system.

• The governmental control over economic output.

Multiple Choice

Which of the following is NOT a characteristic of capitalism?

• government control of the economy

• competition and consumer sovereignty

• private ownership

• pursuit of personal profit

Categorize

Options (4)

50% off Apple products

shampoo makes hair fall out

pickles causes nightmares

Squishmallows drop their prices to $10

Decide if the scenarios will increase or decrease the demand of products.

Increase

Decrease

Multiple Choice

What is the price of the government-produced crab flavored soft drink?

• $1.00

• $1.25

• $1.50

• $1.75

Match

Match the following Economic Systems.

• Communism

• Socialism

• Capitalism

All productive resources are government owned.

Basic productive resources are government owned and operated; the rest are privately owned.

Productive resources are privately owned and operated.

• All productive resources are government owned.

• Basic productive resources are government owned and operated; the rest are privately owned.

• Productive resources are privately owned and operated.

Drag and Drop

Based on the image, this is most likely representing a ​

Placeholder

economic system. The person with the tentacles represents ​

Placeholder

controlling all the ​

Placeholder

. This distribution of goods is known as a ​

Placeholder

system.​

Drag these tiles and drop them in the correct blank above

centrally controlled

a central government

goods, lands and services

communism

capitalist

free-market

one large business person

businesses and private sectors

mixed

a laissez-faire government

Dropdown

Choose the correct answer from each drop-down menu to complete the statements.

Private ownership of goods and services is​ ​

Select answer

Conversely, government ownership is​ ​

Select answer

Match

Match the following

• citizens own and operate businesses

• the government owns and operates businesses

• a blending of citizens owning businesses and government controlling some industries

• based on customs and traditions

market

command

mixed

traditional

• market

• command

• mixed

• traditional

Dropdown

When the Soviet Union collapsed, the Russian economy went from a ​

Select answer

economy to a ​

Select answer

economy instead.

Multiple Select

In this economy, investors can make millions investing in the construction of new homes, but it is just as likely that the value of these properties could decrease by 40% and they will lose millions of dollars. What are the potential risks and rewards of investing in new home construction in the current economy?

• High potential for profit

• Guaranteed return on investment

• Risk of property value decrease

• Stable market conditions

Multiple Choice

What happens if your portfolio is too risky?

• You may not get enough returns to reach your goals

• You have guaranteed returns

• You may give up due to taking losses

• you will lose your liquidity