FBLA Exploring Economics

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 

• Market 

• Mixed 

• Command 

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

• subsistence

• specialization

• scarcity

• bartering

In this type of economy, the people decide the supply, demand, and price.  

• Market 

• Traditional

• Command 

• Mixed

Which type of economy is usually paired with a Communist government?

• Mixed

• Market

• Command

• Traditional

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

Buyers choose what items are produced based on their spending habits

• Consumer Sovereignty

• Factors of Production

• Efficiency

• Cost / Benefit Analysis

A limited amount of resources to meet unlimited wants and needs.

• Scarcity

• Opportunity Cost

• Bartering

• Economics

What are the 3 basic Economic questions?

• Who, what, and for when to buy?

• Why, for what, and for whom to decide?

• When, why, and how to galvanize?

• What, how, and for whom to produce?

In a market economy, who determines what goods and services are produced?

• Government

• Producers

• Consumers

• Investors

What is the primary goal of a command economy?

• Profit maximization

• Resource allocation

• Consumer satisfaction

• Economic equality