economic systems
what is an economic system?
how a society makes and distributes goods and services
who makes the most economic decisions in a command economy?
the government
who makes most economic decisions in a free market?
consumers and businesses
what is a market?
place where buyers & sellers exchange good & services
what is the largest ocean in the world?
pacific ocean
what are the 4 main types of economic systems?
traditional, command, market, and mixed
can the government decide what businesses to produce?
yes
what happens when demand for a product increases but supply stays low?
prices rise
who are the 2 main groups in a market?
buyers and sellers
whats the name written on the bottom of woody's boot?
andy
which economics system is based on customs and traditions?
tradtional economy
what is one country known for having a command economy?
north korea
what is competition between businesses meant to encourage?
better products and prices
what happens to prices when demand increases and supply stays the same?
prices usually go up
what is the rarest blood type?
AB negative
what are the 3 main economic questions?
what to produce, how to produce, and who gets it
does competition between private businesses play a big role in a command economy?
no
what word describes the amount of a product consumers want to buy?
demand
when businesses compete to sell products to customers?
whats the name of the coffee shop in FRIENDS?
central perk
what type of economy combines government involvement with private businesses?
mixed economoy
what is one disadvantage of a command economy?
consumers may have fewer choices
what word describes how much of a product sellers offer?
supply
what happens when a product has more supply than demand?
prices may go down
what is the name of the daycare in toy story 3?
sunnyside daycare