Economics

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

If the supply of a good is higher than the demand, what happens to the price?

• It stays the same
• Price goes down
• Price goes up
• It's FREE!!

An increase in competition would have what effect on price?

• Price goes up
• Price stays the same
• Price goes down
• It explodes

How will scarcity of a capital good impact price?

• Price would go up
• Price would go down
• Price would stay the same
• You wouldn't sell any

An economic system where government makes all economic decisions

• traditional

• mixed

• market

• command

An economic system where the consumer and producers (not government) determine what is produced/consumed

• command

• tarditional

• market

• mixed

An economic system where all economic decision are based on the customs, habits, and history of the past

• market

• command

• traditional

• mixed

Term used to describe the blending of a market and command economies. Most countries have this economy

• Mixed

• Market

• Command

• traditional

How much Profit was made?

Bought an iphone in China for 10,000 Baht. Sold it in Bangkok for 30,000 Baht

• 10,000 Baht

• 30,000 Baht

• 15,000 Baht

• 20,000 Baht