Tip-Off – Big 3 Questions
Name the three economic questions every country must answer.
What are What to produce? How to produce? For whom to produce?
This system follows customs and traditions like a team that never changes its playbook.
What is traditional economy
In a traditional economy, how are goods produced?
What is using the same methods as ancestors/traditions
No country is purely market or command; most are this kind of system.
What is mixed economy
Why do most countries operate as mixed economies?
What is to combine benefits of market freedom with government protections
Which economic question is like choosing which sport to play?
What is What to produce?
In this economy, the government is the head coach calling every play.
What is command economy
In a command economy, who decides what goods to produce?
What is the government
The economic continuum shows economies between these two extremes.
economies between these two extremes.What is pure market and pure command
Give one advantage of a market economy, like letting players choose their plays.
What is innovation, efficiency, consumer choice
Which question is like deciding practice drills?
What is How to produce?
In this economy, supply and demand are like fans choosing the starting lineup.
What is market economy
In a market economy, who decides what goods to produce?
What is individuals/consumers and businesses
A mixed economy is like a team with both a coach and player freedom. Explain.
What is blends government planning and free market choices
Give one disadvantage of a command economy, like a coach making every call.
What is lack of freedom or inefficiency
Which question is like deciding who gets the tickets to the game?
What is For whom to produce?
Name an example of a country that leans toward command economy.
What is North Korea or Cuba
Which system is like players choosing plays on the field themselves?
What is market economy
Which side of the continuum would the United States be closer to?
What is market side
Give one benefit of a traditional economy, like sticking to a winning routine.
What is stability and community support
Explain why every economy must answer these three questions.
What is resources are limited and choices must be made.
Name an example of a country with a strong market economy.
What is United States or Australia
Which system is most influenced by cultural traditions?
What is traditional economy
Which side of the continuum would Cuba be closer to?
What is command side
How can a country move along the economic continuum?
What is increasing or decreasing government involvement