SS6E7 - Economy

What are the three basic economic questions?

• What to produce? How to produce? For whom to produce?

• What to produce? Where to produce? For whom to produce?

• What to produce? Who produces? For whom to produce?

• What to produce? When to produce? For whom to produce?

What do the three economic questions determine?

• The type of economy the country has

• The name of the country

• The government of the country

• The GDP per capita

What does scarcity mean?

• Lack of something

• A scared city

• A longing for someone/something

• Fear of cities

What are the four main types for economies?

• Traditional, command, market, mixed

• Traditional, command, market, mixing

• Traditional, command, marketing, mixed

• Traditional, commanding, market, mixed

How does tradition answer the three basic questions?

• All by tradition

• All by government

• All by businesses

• A mix between government and businesses

How does command answer all the economic questions?

• All by tradition

• All by government

• All by businesses

• A mix between government and businesses

How does market answer all the basic questions?

• All by tradition

• All by government

• All by businesses

• A mix between government and businesses

How does mixed answer all the basic questions?

• All by tradition

• All by government

• All by businesses

• A mix between government and businesses

Where do most democratic democracies fall on the economic continuum?

• Near pure market

• Near pure command

• In the middle

• Not on the continuum

Where is the UK on the economic continuum?

• Near market

• Near command

• In the middle

• Not on the continuum