This is a how a society uses resources to satisfy people's wants...
What is an Economic System.
100
In this type of economy, the central government makes all decisions.
What is a command economy
100
This type of economy focuses on its Private Property Rights.
What is a Market Economy.
100
A weakness of this type of system is that things like healthcare, education, and defense must be paid for with tax dollars.
What is a Market Economy.
100
Capable of dramatic change in a short time
What is Command Economy.
200
Please list the three basic systems that we covered in class
What is traditional, command and market economies.
200
This example of a command economy says the government owns some of the factors of production.
What is Socialism
200
This is the sellers' efforts to get business by offering the best deal.
What is competition.
200
All members of the community have certain economic roles that are predetermined by your parents’ roles
What is Traditional Economy.
200
Basic services such as education and health care are provided by government and available at no cost
What is Command Economy
300
This type of society is centers itself around families, clans or tribes
What is a traditional economy
300
This gentleman is coined as the person who influenced some societies to adopt command economies.
Who is Karl Marx.
300
This happens when traders believe they get more than they give up.
What is Voluntary Exchange.
300
Implies a lower standard of living
What is Traditional Economy.
300
A drawback in this economy is that it has no way to provide public goods and services at its pure form.
What is Market Economy.
400
This type of economy has features of multiple types of economic systems.
What is a mixed economy.
400
This country that we spoke about, used its resources for military purposes (Guns not Butter). The built a large army and a nuclear weapons program. In the 1990's and early 2000's, millions of people died of hunger and malnutrition.
What is North Korea.
400
This is when people concentrate their efforts in the activities they do best.
What is specialization.
400
Incredible variety of goods and services
What is Market Economy.
400
A drawback of this economy or economies is that it punished people who break the rules and think outside the "normal" thinking.
What is Traditional/Command economy.
500
Please list a disadvantage of a traditional economy.
Martorelli approval
500
This type of command economy says that there is no such thing as private property, and little to no political freedom.
What is Communism
500
DOUBLE JEOPARDY
Draw a Circular Flow Chart for a Market Economy. Correctly identify the flow of $$$ and FOP/G&S. Correctly identify a Factor Market and Product Market. (MARTORELLI APPROVAL)
500
Requires a large bureaucracy which consumes resources
What is Command Economy.
500
This type of economic system pulls what they think is the best of other countries and creates there own way of thinking.