Left Questions
The problem of having unlimited wants in a world with limited resources leads to this problem:
Scarcity
What does GDP measure? Don't just tell me what GDP stands for
The value of goods and services produced within a country's borders
Which type of economy emphasizes competition between businesses for consumer's? (Between Command, Market, and Traditional)
Market Economy
Do Traditional Economies adopt and use new forms of technology or new ideas?
No
Who won the Red Sox-Yankees Wild Card Series Last Night?
(I don't know, I'm making the game 4 hours before the game starts lol)
French term that has to do with the government not being involved or interfering in the economy:
Laissez-Faire
All assets like property and cash owned by an individual or business are called:
Capital
Basing your career based on what your parents and ancestors have done is associated with what type of economy?
Traditional
Among the Market, Command, and Traditional systems, which emphasized competition between businesses?
Market
When is your next day off of school?
Oct 14
Some government controls but consumer based decision making is most associated with:
Mixed Systems
Which of the systems focuses on only producing what is necessary for survival?
Traditional
Private Enterprise Systems are most similar to Market economies, meaning businesses need to (Blank) with each other for customers
Compete
No guarantee of economic success is one of the disadvantages of this system:
Market/Private Enterprise
What color were teachers supposed to wear for homecoming on Friday?
Trick question: Stripes
(Blank) Models have to do with production, consumption, and distribution
Economics
Between housing and an XBOX 360, which is an example of a "want" and which is an example of a "need"
Want-Xbox360
Need-Housing
This type of economy is most associated with government control?
Command (Centrally Planned)
Lack of ability to pick your own career or business is a characteristic of what type of economy?
Command/Centrally Planned
What is the secret to life, the universe and everything according to Douglas Adams?
42
A perfect balance of supply and demand for a good/service is called (Blank) otherwise, it's called (Blank) ( You have to get them in the correct order )
Equilibrium, Disequilibrium
The relationship between the amount of a product and the want or need of a product is called:
Supply and Demand
This type of economy usually has more government provided social services:
Command
Potential for corruption and abuse of power are common threats to these two economic systems:
Mixed and Command
What TV show does Mr. Lee have posters for that are hanging in class?
The X-Files