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

Type of Economy that is part market and part command

• Traditional
• Command
• Market 
• Mixed

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 the price of a product?

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

If there is no competition in your market, how would that impact your business?

• You could charge more for your product

• You would increase production

• You would hire more employees

• You would charge less for your product

How will scarcity of a product impact price?

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

New technology that increases the speed of production would have what impact on the prices of goods?

• Prices would lower
• Prices would increase
• Prices would stay the same
• Business would close

Type of Economy where Supply and demand determine prices with little gov intervention

• Command

• Market

• Traditional

What is a consumer?

• a person who takes things

• a person who purchases goods and services for personal use

• a person who takes good away

• the economic factors affecting the price, demand, and availability of a commodity