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15
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Give an example of land as a factor of production.
Forests / agricultural land / seas / minerals (any one).
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15
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What is the economic return for enterprise?
Profit
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15
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Give an example of labour.
Builders / factory workers / food scientists (any one).
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15
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What is a free economy also called?
A capitalist system or free enterprise system
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15
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What is scarcity?
The gap between unlimited wants and limited resources.
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15
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What is the basic economic problem? Hint: x is limited but Y is unlimited
Resources are limited but needs and wants are unlimited
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15
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What is an economy?
A system that produces, buys, and sells goods and services
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15
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Name one way individuals distribute economic resources.
Provide labour / pay taxes / sell land / set up businesses (any one).
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baam
Lose 10 points!
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star
Double points!
Okay!
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rocket
Go to first place!
Okay!
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lifesaver
Give 10 points!
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baam
Lose 25 points!
Oops!
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fairy
Take points!
5
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20
25
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gift
Win 20 points!
Okay!
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thief
Give points!
5
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15
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25
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baam
Lose 15 points!
Oops!
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seesaw
Swap points!
Okay!
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rocket
Go to first place!
Okay!
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thief
Give points!
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25
15
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Who controls a controlled economy?
Government
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heart
Other team wins 25 points!
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rocket
Go to first place!
Okay!
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fairy
Take points!
5
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15
20
25
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baam
Lose 15 points!
Oops!
15
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Give an example of a controlled economy
North Korea
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15
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What does capital include?
Machinery, vehicles, equipment, buildings, or money to run/start a business.
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15
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What is the economic return for land?
Rent
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