Best Buy bought too many microwaves and have not been able to sell them all. What would you expect to happen to the sale price of the microwaves?

Tornadoes have led to the destruction of machinery in several oil fields. What may consumers expect to see with regard to sale prices of products that contain oil

Imagine there are 2 fruit stands across the street from one another.

Joe's stand is always busy and people are willing to wait in long lines to get fruit.

Mary, however finds that they she longer gets as many customers as she once did even though her fruit is good quality.

What might Mary do to increase sales of fruit?

If the supply of gold decreases but the demand stays the same, what would happen to the sale price of gold?

What would you expect to happen to the price of pumpkins the week after Halloween?

What are the 3 basic economic questions all economies must answer?

SELECT 3

Identify the economic system:

~The government owns and operates the means of production and distribution of goods/services.

~Government DOES does allow for some private business ownership.

~Also called a mixed economy.

Identify the economic system

~ Individual citizens are not allowed to own and operate their own business.

~ Government determines where people will work according to the needs of the country.

~ Also called a command economy

Identify the economic system:

~ Supply and demand often determines prices set for goods and services.

~ Competion exists and helps to keep prices down.

~ Consumers are free to shop when/where they want and are not rationed by the government.

Identify the economic system:

~ The government regulates trade with laws, but does NOT interfere with trading practices.

~ Private citizens are able to own land and resources

~ Also called a free-market economy.

Identify the economic system:

~ The government owns and operates the means of production and distribution of goods/services

~ Government DOES does allow for some private business ownership.

~ Also called a mixed economy.

Identify the economic system in the scenario:

The Johnson family is part of a cooperative commuity. Each member of the community specializes in a needed skill.. baking, sewing, construction, farming, etc. To make sure everyone in the community can meet their needs and wants, mambers of the communty trade their goods or services in exchange for another community member's goods or services.

Check off ALL of the tratis that are typically part of developED nations.

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Which does this picture best represent?

Check off ALL of the tratis that are typically part of developING nations.