Economy

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.
• The price will go down.

Tags

CCSS.HSF-LE.A.1B

How much of a good or service is available AND how much people want it. (The more people want it, the more they'll pay for it.)

• Scarcity

• Specialization

• Supply and Demand

• Standard of Living

Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions? 

• Imbalance of Power 
• Scarcity
• Excessive Wealth
• Opportunity Cost

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 

• Traditional 
• Market 
• Command 
• Centrally planned 

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

________ is the most basic or fundamental economic problem.

• Scarcity
• Labor
• Greed
• Capital