Workbook Pages 17 -23

A country's economic system refers to ______

• whether it is led by a president or a prime minister

• the way in which it produces and distributes goods and services

• the availability of productive resources to make goods and services

• whether or not citizens are allowed to participate in the government process

What are the three economic questions that every country's system must answer?

• How to produce, when to produce, and why to produce?

• What to produce, how to produce, and for whom to produce?

• What is the price, what is the cost, and what is the opportunity cost?

• Why am I here, what am I doing, when can I leave?

In a traditional economy, decisions about what, how, and for whom to produce are determined by

• the government

• cultural traditions

• supply and demand

• the supreme cat overlord

In a command economy, decisions about what, how, and for whom to produce are determined by

• the government

• cultural traditions

• supply and demand

• the supreme cat overlord

In a market economy, decisions about what, how, and for whom to produce are determined by

• the government

• cultural traditions

• supply and demand

• the supreme cat overlord

Most countries have a mixed economy, which is a blend of which economic systems?

• market and command

• traditional and market

• traditional and command

• YouTube and TikTok

Match the following terms with definitions

• Natural Resources

• the materials that are needed to produce goods and services

• Productive Resources

• raw materials from nature

• Entrepreneur

• man-made materials (factories, machines, technology

• Human Capital

• skills, education, and experience of workers

• Capital Goods

• a person who starts a new business

Match the following terms and definitions

• Investment

• money used to make money

• Literacy Rate

• new ways of doing something that are more efficient

• Innovation

• the typical lifestyle of people living within a given country (includes available goods and services)

• Standard of Living

• the percentage of adults who can read and write

• Gross Domestic Product (GDP)

• the value of all the goods and services produced in a country in 1 year

Cause

No country can produce ALL the _____ it's citizens need or want

Effect

Countries _____ in producing the goods or services they can produce at a lower ____ than other nations.