Traditional Economy
Command Economy
Basic Economics
Market Economies
Trivia and Riddles
Factors of Production
100

In this type of economy people mostly grow their own

What is Food; subsistence farming/fishing

100

Command is also known as what type of economy?

Communism

100

What is the fundamental problem in economics?

Scarcity

100

Another name for market economy.

Capitalism or the free market

100

How can a pants pocket be empty and still have something in it?

In can have a hole in it

100

This factor of production would be shown by buying a plantation for your pineapples to grow

Land (natural resource)

200

In a traditional system this is how economic decisions are made

Custom and Habit and traditions passed down

200

Command economy was founded mainly by the works of what writer?

A JK Rowling

B Benjamin Franklin

C Karl Marx

What is... C

200

What is an incentive?

A reason a person does something, a motivator

200

What is one pro (positive thing) about living in a market economy?

Freedom of choice, competition, innovation

200

What word becomes shorter when you add two letters to it?

Short

200

This factor of production deals with workers

Labor (human resource)

300

What is one con or negative thing about living in a traditional economy?

No room for improvement, no freedom of choice

300

In a command economy who makes all of the economic decisions?

The government, King, or Dictator

300

What is your opportunity cost of playing video games all night long? 

ex. you could have been sleeping

300

Who makes the decisions made in a market economy on what to buy and sell?

Consumers and producers in the Market

300

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.

300

This factor of production would include any money that is spent on a machine, tool, or technology used to make other goods.

Capital

400

In a traditional economy most business( exchange of goods and services) is handled thru what type of economic activity?

Bartering

400

In a command economy, who owns the property?

The government

400

What are the 3 basic economic questions that every society must ask itself?

What to produce? How to Produce? For whom to produce?

400

What is a business person who takes risk to start a business called

Entrepreneur

400

How many hearts does an octopus have?

3

400

Name three people that are entrepreneurs

Steve Jobs, Kanye West, Jeff Bezos, Oprah Winfrey, etc...

500

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.

500

Name three countries who have or have had command economies. 

China

Russia

Cuba

North Korea

500

What are the 3 economic resources used in the production of all goods and services? Provide an example of each one.

Natural, human, capital

500

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

500

How can a person go 8 days without sleeping?

By sleeping during the night!

500

Why is money not considered an economic resource?

Money does not produce anything.  It is a means of exchange (trade)

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