Economic System
This economy believes in doing things the same as they have always done in the past.
What is Traditional Economy?
Limited
What is Scarcity?
How individuals and societies make choices
What is Economics?
Things you think you must have in order to be satisfied.
What are Wants?
This is the term for how high or low a sound is.
What is Pitch?
Businesses and consumers decide what they will produce and purchase and in what quantities.
What is Market/Free Economy?
Goods produced and used to make other goods and services.
What is Capital Resources?
Looking at two or more things to find out how they are alike and how they are different.
What is Compare?
The amount at which a good or service will be sold at in a market.
What is Price?
This is the name for a group of notes played one after another in a musical pattern.
What is a Melody?
The government (or central authority) determines what, how, and for whom goods and services are produced.
What is Command Economy?
"Gifts of nature" that re present without human intervention (ex: land)
What is Natural Resources?
Make sure people can meet their basic needs and help everyone have a decent life, even if they don’t have a lot of money
What is Economic Systems?
Supply and Demand are responsible for the price and allocation decisions (ex. farms and factories).
What is Market?
This animated movie features a snowman named Olaf and a queen with ice powers.
What is Frozen?
The Government takes care of people’s needs and the Marketplace takes care of people’s wants.
What is Mixed Economy?
The knowledge, efforts, and skills people bring to their work, also known as labor.
What is Human Resources?
This does not exist.
What is True Market Economy?
One who uses goods or services?
What is Consumer?
This movie series takes place in a magical school called Hogwarts.
What is Harry Potter?
Also known as a Planned or Managed Economy
What is Command Economy?
The initiative to improve goods and services or create new ones.
What is Entrepreneurial Resources?
Determine how to use their limited resources effectively.
What is Nation?
How much of a good or service a producer is willing and able to produce at different prices?
What is Supply?
This country has won the most FIFA World Cup (International Federation of Association Football) titles in men’s soccer.
What is Brazil?