Types of Economies
Make Decisions
Healthy Economy
Participate in the economy
Our economy
100
True or False: In a traditional economy the government controls everything?
False
100
Economic Resources are also known as?
Factors of production
100
True or False: GDP is the total dollar value of goods
True
100
True or false: Standard of living refers to the way you live measured by the kind the quantity of goods and services you can afford.
true
100
True or false: Productivity measures the number of items produced per business
False
200
In a command economy who controls the economy?
The government
200
Determine the differences between needs and wants.
Needs- The things that are required in order to live. Wants- Are the things that aren't necessary for survival but for pleasure.
200
what is a bussiness cycle?
movement of the economy from one codition to another and back again.
200
What are the 4 stages of the bussiness cycle
recovery depression recession and prosperity
300
Competition only occurs in which economy?
Market
300
Human resources include people who?
Operate farms, factories, and manage banks ect,.
300
Describe a recovery in an economy.
When people start getting jobs, goods, and services increase and GDP goes up again.
400
Describe a market economy.
In a market economy, businesses and individuals are free to make their own decisions as they buy and sell in the marketplace.
400
Name 3 of the 6 of the process of decision making.
Define the Problem, Identify choices, Evaluate Each choice, Choose One, Act on your choice, Review your decision
400
What is the deflation and inflation
deflation the decresse of prices for good and services. inflation is the incresse of the prices for goods and services
500
What are the differences of the three economies?
The differences of the economies are, Command economy is being commanded (ruled) by the government and what ever they do runs through them. Market economy is an economy that is free to do their business however they want to, and traditional is an economy when things are ran according to tradition.
500
What are the differences between the three resources?
The differences between the three are, Natural resources are raw marterials supplied by nature. Human resources are people who work to produce goods and services. Capital resources are the tools, equipment, supplies, and builings that are used to supply goods and services.
500
Determine the difference between depression and recession
Some diffferences are that depression is when people start to lose jobs and goods and services, prices go up. Recession is when goods and service demand decrease and people get jobs back.
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