Traditional Economy
In this type of economy people mostly grow their own
What is Food; subsistence farming/fishing
Command is also known as what type of economy?
Communism
What is the fundamental problem in economics?
Scarcity
Another name for market economy.
Capitalism or the free market
How can a pants pocket be empty and still have something in it?
In can have a hole in it
This factor of production would be shown by buying a plantation for your pineapples to grow
Land (natural resource)
In a traditional system this is how economic decisions are made
Custom and Habit and traditions passed down
Command economy was founded mainly by the works of what writer?
A JK Rowling
B Benjamin Franklin
C Karl Marx
What is... C
What is an incentive?
A reason a person does something, a motivator
What is one pro (positive thing) about living in a market economy?
Freedom of choice, competition, innovation
What word becomes shorter when you add two letters to it?
Short
This factor of production deals with workers
Labor (human resource)
What is one con or negative thing about living in a traditional economy?
No room for improvement, no freedom of choice
In a command economy who makes all of the economic decisions?
The government, King, or Dictator
What is your opportunity cost of playing video games all night long?
ex. you could have been sleeping
Who makes the decisions made in a market economy on what to buy and sell?
Consumers and producers in the Market
Last year, a cruise ship sank in the middle of the Pacific. Every single passenger on the ship drowned but only four survived. How's that possible?
The four were married and not single.
This factor of production would include any money that is spent on a machine, tool, or technology used to make other goods.
Capital
In a traditional economy most business( exchange of goods and services) is handled thru what type of economic activity?
Bartering
In a command economy, who owns the property?
The government
What are the 3 basic economic questions that every society must ask itself?
What to produce? How to Produce? For whom to produce?
What is a business person who takes risk to start a business called
Entrepreneur
How many hearts does an octopus have?
3
Name three people that are entrepreneurs
Steve Jobs, Kanye West, Jeff Bezos, Oprah Winfrey, etc...
What is one pro (positive thing) about living in a traditional economy? What is one con (negative thing) about living in a traditional economy?
Only produce what you need (no waste) your role in society is defined. No freedom of choice. No room for innovation.
Name three countries who have or have had command economies.
China
Russia
Cuba
North Korea
What are the 3 economic resources used in the production of all goods and services? Provide an example of each one.
Natural, human, capital
Free Market systems were championed by which writer?
A Karl Marx
B John Maynard Keynes
C Adam Smith
D Daniel Boorstin
E Jerome Powell
C
How can a person go 8 days without sleeping?
By sleeping during the night!
Why is money not considered an economic resource?
Money does not produce anything. It is a means of exchange (trade)