PPC/Economies

What is one basic question of economics?

• What will be produced?
• Who acquires what goods and services?
• What resources are available?
• What is the opportunity cost?

Which type of economy has central ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economic system bases its decisions on custom?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Which type of economy is based on traditions and beliefs?

• Command
• Market
• Traditional
• Mixed

This economy would most likely have a dictator.

• Mixed
• Capitalism
• Socialism
• Communism

How many types of economies are there?

• 3
• 5
• 4
• 2

1. what should be produced

2. how it should be produced

3. who will buy it

these are the…

• 3 questions to consider when picking a type of government
• 3 economic questions
• 3 questions to life
• these are not questions to consider for anything

The opportunity cost of increasing production from 7 to 9 trucks is

• Scarcity
• 2 boats
• 2 trucks
• 3 boats