economics system
what are the three basic questions every economy must answer?
What to produce, how to produce it, and who receives it?
who makes most major economics decisions in a command economy?
the government >:(
what two forces help determine prices in a free market?
supply and demand
what type of economic system does the United States have?
a mixed economy
what is the mascot of Scotland?
the unicorn
what economics system combines private businesses with government regulations?
mixed economy
what is another name for an economy where the government directs production and resource allocation?
planned economy
what motivates many businesses to sell products and provide services?
the opportunity to earn a profit
does the U.S. government or the private sector make most everyday production decisions?
the private sector
what is a group of flamingos called?
a flamboyance
which country has a planned economy?
name one possible disadvantage of a command economy.
shortages, fewer consumer choices, or less competition.
what is competition between businesses
businesses trying to attract customers and sell products or services
what is the name of the u.s. central bank?
the federal reserve
which planet rains diamond according to scientific models?
neptune
what is the main difference between a market economy and a command economy?
in a market economy, consumers and businesses make most decisions; command economy the gov makes most of the decisions
in a command economy, who often decides how many products factories should make?
government planners
what usually happens to prices when demand increases but supply stays the same?
prices tend to rise
give one example of government involvement in the U.S. economy.
collecting taxes, regulating businesses, or providing public services.
what is the name of the coffee shop in friends?
central perk
which economy gives individuals the most freedom to own businesses and make economic decisions?
free-market economy
name one modern country whose economy is strongly government-controlled.
north korea
what is one possible disadvantage of a free-market economy?
economic inequality or limited access to some essential goods and services
why is the United States not considered a completely free-market economy?
because the government regulates businesses, collects taxes, and provides public goods and services.
what is spongebob's home address in bikini bottom?
124 conch street