Economics Review

Select ALL of the indicators/ factors for analyzing a countries standard of living.

• Literacy Rate

• Life Expectancy

• Average Income

• Economic Activities

• Criminal activity

Which of the options describe a command economy?

• A command economy is when a producer and consumer have choice.

• A command economy is when the government makes all economic decisions.

• A command economy is when the government has some rules and regulations BUT producers and consumers have choice.

• Command economy???? What is that????

Which of the options describe a market economy?

• A market economy is when a producer and consumer have choice.

• A market economy is when the government makes all economic decisions.

• A market economy is when the government has some rules and regulations BUT producers and consumers have choice.

• Market economy???? What is that????

Which of the options describe a mixed economy?

• A mixed economy is when a producer and consumer have choice.

• A mixed economy is when the government makes all economic decisions.

• A mixed economy is when the government has some rules and regulations BUT producers and consumers have choice.

• Mixed economy???? What is that????

Miguel's government has decided what type of job he will have. The government also determines how much of a good or service that he gets. What type of economy does he live in?

• Market economy

• Mixed economy

• Command economy

• Who is Miguel???

Cardi B is able to sell her music at any price she sees fit. However, the government has copywrite laws that says that the music must be HER own thoughts and ideas and not that of someone else.

What type of economy does she live in?

• Market economy

• Command economy

• Mixed Economy

• I thought Cardi B was divorcing Offset... Like what happened???

What price is the equilibrium price?

• $25

• $50

• $100

• $200

What would happen if the price was set at $50?

• This would cause a shortage because more people would demand the boots than there is to supply.

• This would cause a surplus because there would be more of the boots to supply than what is demanded.

• Who still buys Uggs???

What would happen if the price was set at $200?

• This would cause a shortage because more people would demand the boots than there is to supply.

• This would cause a surplus because there would be more of the boots to supply than what is demanded.

• Who still buys Uggs???

Select the definition of supply.

• The amount of a good or service that a consumer is willing and able to buy

• The amount of a good or service that a producer is willing and able to buy