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5
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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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5
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Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
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10
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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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10
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Provide an example of a situation where you would see a mixed economy.
This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.
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5
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What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
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boom
Lose 50 points!
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magnet
Take 20 points!
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fairy
Take points!
5
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15
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25
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lifesaver
Give 20 points!
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10
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How would the United States change if we had a pure command economy?
The government would make all business decisions and own all businesses.
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5
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If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
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trap
No points!
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gift
Win 10 points!
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fairy
Take points!
5
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15
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25
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lifesaver
Give 15 points!
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5
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If making a restaurant, the construction workers would be which type of input?
Labor
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15
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What does it mean to have a welfare state?
Tax money is used to pay for services all citizens can use (Ex: Public roads or public schools)
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5
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If making a computer, the glass and metal used in it would be which type of input?
Land
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baam
Lose 25 points!
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rocket
Go to first place!
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rocket
Go to first place!
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banana
Go to last place!
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15
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If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
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10
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What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
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5
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Anything used to make a good is called what?
A resource or input
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