What is Economics?

• The study of how people make decisions in a world where wants and needs are unlimited, but resources are limited.

• The study of the development of human society.

• The study of how people make decisions in a world where wants and needs are limited, but resources are unlimited.

• The study of the physical features of the earth and its atmosphere.

What are the 4 economic systems?

• Traditional, command, market, unlimited

• Traditional, command, market, mixed

• Old-fashioned, command, market, unlimited

• Limited, command, market, unlimited

Which of the following are NEEDS?

• Food and water

• Cell phones and iPads

• Cars and planes

• Video games

Which of the following are WANTS?

• Food

• Entertainment and vacations

• Shelter

• Water

Which economic system is centered around the family or tribe?

• Command

• Mixed

• Market

• Traditional

Which economic system includes quotas?

• Traditional

• Command

• Market

• Mixed

Which economic system has little or no technology use?

• Traditional

• Command

• Market

• Mixed

What is an example of a limited resource?

• Solar power

• Oil

• Windmills

• Electric cars

Which economy is based on command economy?

• Communism

• Socialism

• Capitalism

Which economy includes freedom of choice?

• Socialism

• Communism

• Capitalism