Intro to Econ Review

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

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

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

Is this a good or a service?

• Good

• Service

Does this person provide a good or a service?

• good
• service

Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?

• Natural Resources
• Capital Resources
• Entrepreneurship 
• Labor Resources 

What is the basic economic problem that we do not have resources to produce all the things we want?

• Shortage

• Scarcity

• Trade off

• Ecnomic system

What is opportunity cost?

• your choice
• what you give up to make a choice

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

• muffins 
• cookies