Market Economy Quiz

Economy

• goods & service is destroyed

• goods & services is innovation

• goods & services are produced and consumed

• goods & services are better stuff

Incentive

• Motivation

• Quit

• Steal

• Anger

Profit

• Losing moeny

• Making chairs

• Workplace

• Financial gain

What is Supply

• Amount of money available

• Amount of something that is available

• Amount of people who is not available

• Prediction

Opportunity Cost

• Taking the item

• Something that you send

• Soemthing that you destroy

• Something you give up

Scarcity

• How much it cost

• How items are produced

• How many resources are available

• How many productions is needed

Demand

• number of consumers who lose it

• number of consumers who want it

• number of people who get hurt

• number of people who will destroy it

Market Economy is not

• producers are free to decide

• consumers are free to buy

• whatever they need or want

• the idea of stranger danger

Innovation

• dark web

• new ideas

• finding clues

• financial gain

Command Economy

• people decide

• schools decides

• government decides

• bankruptcy occurs