Studying the behavior and decision making of individuals or companies.
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5
True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.
True
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fairy
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banana
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10
Explain the differences between market and command economies.
Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.
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15
Explain what a market is.
The free exchange of goods and services between buyers and sellers.
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5
If making a restaurant, the construction workers would be which type of input?
Labor
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10
What type of system would you have if some industries are controlled by the government but others are controlled by businesses- Capitalist, Socialist, or Communist?
Socialist
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20
What are the three questions asked in all economies?
What should be produced? How should it be produced? Who should it be produced for?
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gift
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thief
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5
True or False: The United States government has some elements that could be considered socialist.
True
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shark
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baam
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10
How would the U.S. change if we had a pure market economy?
All decisions would be made by businesses. The government could not restrict them.
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20
A production possibility curve is used to do what?
Determine the maximum amount of two goods when there is a fixed input.
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5
Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
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15
If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
