Economics and Trading

What are the 3 economic questions?

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

• Who to produce? Why do you produce? Like to produce?

• Why to produce? Who produces? Things to produce?

• When to produce? Where to produce? Why to produce?

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.1

Pick the synonym for money:

• barter

• economics

• currency

• price

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.

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

In my country, the government makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

In my country, individuals own businesses and the government is not involved at all.

• Mixed

• Traditional

• Market

• Command