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SSE End of Quarter Test Prep

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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
  • 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.
  • What is opportunity cost?
    The choice you give up when you have to decide between two or more choices.
  • What are the three questions asked in all economies?
    What should be produced? How should it be produced? Who should it be produced for?
  • If making a restaurant, the construction workers would be which type of input?
    Labor
  • If making a computer, the glass and metal used in it would be which type of input?
    Land
  • If you are studying Economics, what are you studying?
    How we as humans use limited resources when we have unlimited wants.
  • 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)
  • 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.
  • How would the United States change if we had a pure command economy?
    The government would make all business decisions and own all businesses.
  • Which type of economy do we have in the United States? Traditional, command, market, or mixed?
    Mixed
  • Anything used to make a good is called what?
    A resource or input
  • 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.
  • Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
    Market, Command, Traditional, Mixed
  • What is scarcity?
    The reality we don't have enough money, time, or resources to get everything we want.
  • If making a puzzle, the machines to cut the pieces would be which type of input?
    Capital
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