Market Economy Concepts and Principles

Market Economy Concepts and Principles

Assessment

Interactive Video

Created by

Amelia Wright

Social Studies, Business

9th - 12th Grade

Hard

The video introduces the concept of a market economy, explaining how it answers the three basic economic questions: what to produce, how to produce, and for whom. It highlights the role of supply and demand, emphasizing consumer and business decision-making without government interference. The video discusses the advantages, such as consumer satisfaction and individual freedom, and the disadvantages, including lack of basic needs provision and market failures. The importance of guided notes is mentioned, and viewers are encouraged to explore related videos for a comprehensive understanding.

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10 questions

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1.

MULTIPLE CHOICE

30 sec • 1 pt

What is a market economy primarily characterized by?

2.

MULTIPLE CHOICE

30 sec • 1 pt

In a market economy, who answers the three basic economic questions?

3.

MULTIPLE CHOICE

30 sec • 1 pt

Which of the following is a key factor in determining prices in a market economy?

4.

MULTIPLE CHOICE

30 sec • 1 pt

What is one advantage of a market economy?

5.

MULTIPLE CHOICE

30 sec • 1 pt

How does a market economy adapt to changes?

6.

MULTIPLE CHOICE

30 sec • 1 pt

What is a disadvantage of a market economy?

7.

MULTIPLE CHOICE

30 sec • 1 pt

Why might a market economy fail?

8.

MULTIPLE CHOICE

30 sec • 1 pt

What role does competition play in a market economy?

9.

MULTIPLE CHOICE

30 sec • 1 pt

Who decides what to produce in a market economy?

10.

MULTIPLE CHOICE

30 sec • 1 pt

What is a key benefit of individual decision-making in a market economy?

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