What am I? Command, Market, or Mixed
Which country is known for having a command economy?
United Kingdom
United States
North Korea
North Korea
If you were a wealthy individual, what system would you prefer?
Capitalism
Communism
Capitalism
What is the definition of Economics?
The study of how individuals and societies allocate scarce resources
The art of managing businesses for profit
The production of goods and services by governments only
The study of how individuals and societies allocate scarce resources
Who cannot "have everything" due to scarcity?
Everyone, regardless of income level or wealth
What is the capital of Japan?
Tokyo
What was the main economic difference between the North and South before the Civil War?
The North was industrial, while the South was agricultural (based on slavery).
Which economic system is based on supply and demand with minimal government control?
Command economy
Market economy
Market economy
Which economic system combines elements of both market and command economies?
Mixed Economy
What is Opportunity Cost?
The price of an item at its lowest point in the market
The cost of missing out on your second-best choice when making a decision
The production of goods and services by governments only
The cost of missing out on your second-best choice when making a decision
What helps us make choices in purchasing items?
A) Limited availability of goods
B) Our preferences and income level
C) Random chance
D) A & B
D) A & B
A) Limited availability of goods
B) Our preferences and income level
How many elements are in the Periodic Table?
58
118
175
118
What was the purpose of the Underground Railroad?
To help enslaved people escape to freedom.
True or False: The United States government has no involvement in the economy.
False
What is the main goal of communism?
Equal distribution of wealth
What does Scarcity refer to in Economics?
The lack of economic systems in certain societies
The limited nature of resources relative to wants
The abundance of resources that meet all human needs
The limited nature of resources relative to wants
Why do we need incentives in Economics?
To motivate individuals and businesses to take certain actions
Who wrote the play Romeo and Juliet?
William Shakespeare
What was the purpose of the Montgomery Bus Boycott?
To protest segregated seating on public buses.
The United States economy can best be described as:
Pure capitalist economy
Command economy
Mixed economy
Mixed economy
In socialism, how are most resources managed?
By the government for the benefit of the people
What is an Economic System?
A technological solution to economic issues
A framework by which a society determines how to allocate resources
A set of principles that guide the stock market
A framework by which a society determines how to allocate resources
If a product supply increases, in a perfect world, what happens to the price?
The price typically decreases, if there are more of an item on the market.
What is the square root of 144?
12
Name one of the two Japanese cities were hit with atomic bombs.
Hiroshima and Nagasaki
Which type of economy is most commonly found in rural or undeveloped areas?
Market economy
Mixed economy
Traditional economy
Traditional economy
In capitalism, who owns the means of production?
Private individuals and businesses
How would you best describe the law of demand?
As the price of a good increases, people buy less of it
The Overall study of how individuals and businesses make decisions about resource allocation is an example of ____________________
--Macroeconomics
--Microeconomics
Microeconomics
In what year did the United States declare independence from Britain?
1776
What was the name of the nine African American students who integrated Central High School in Little Rock, Arkansas in 1957?
The Little Rock Nine