ECONOMICS SYSTEM
All decisions made by the Government
Command economy
Is a command economy efficient?
NO
YES or NO
Do you have a choice in this economy?
YES
Define the term:
What are individuals who make decisions based on what's best for themselves
Self-Interest Individuals
What year did our best friend ChatGPT come out
2022
Free market Economy
Individuals make most of the decisions
Are consumer needs met?
NO
What does Adaptability mean
Reacting quickly to new/changing conditions
Individuals have the right to choose
Economic Freedom
What clothing brand has a check mark as its logo
NIKE
Gov and economy work together to make the economy
Mixed Economy
Do people have freedom in this economy?
Yes/no
Limited
YES or NO
Can monopolies arise?
YES
What does a profit motive mean
A desire to make profit
Avengers Endgame
NEW ZEALAND MEXICO AND USA??
Free Market Economies
True or false
Everyone in this economy does NOT have a job
false
What does it mean to cut corners
Quality deteriorating to improve efficiency
More than one producer producing a good/service is what?
Competition
Who created the Fallingwater house
Frank Lloyd Wright
Gov controls most factors of production.
hint: heavy GOV invlovement
China, Russia, Cuba and Canada
Are there incentives?
Few/lacking
What do "Negative Externalities" mean?
Negative consequences due to high competition
Individuals have the right to their own _______ and _________
Property and Buisiness
Why are a tree's leaves green
Chlorophyll