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

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

• You could charge more for your product
• You would make more
• You would hire more employees
• You would charge less for your product

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

Which of these jobs is involved in production?

• Secretary
• Factory worker
• Truck driver
• Zoo keeper

What is consumption?

• How a good is moved
• How a good is created
• How a good is used
• How a good is destroyed

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
• Mixed
• Traditional