Econ Systems
What is scarcity?
The problem of having limited resources to satisfy unlimited wants.
Who controls a Planned Economy? Give an example
The Government
North Korea
Who controls a Free Market? Give EX
The people
New Zealand, Mexico, USA, Canada
Who controls a mixed economy? Give EX
USA
In Dora What is the name of the sneaky fox who tries to steal things?
Swiper
What is opportunity cost?
The next-best alternative you give up when making a choice.
What is a positive?
Provides jobs
What determines prices in a free market?
Supply and demand.
Why is the U.S. economy considered a mixed economy?
It combines private businesses and consumer choice with government involvement.
in bubble guppies Where do the Bubble Guppies go to school?
An underwater preschool
Name one example of government involvement in the U.S. economy.
Collecting taxes, regulating businesses, or providing public schools.
What is negative?
Lack of incentives
Extreme bureaucracy
Limits freedoms
No innovation
What is competition?
When businesses try to attract customers and sell their products.
Why do businesses in a free market compete with each other?
To attract customers and earn profits.
in Bo on the Go What does Bo encourage viewers to do during her adventures?
Move and exercise
What are 3 questions that should be asked in an economy?
What will be produced?
How will it be produced?
Who gets it?
What is one goal a government might have in a command economy?
To distribute resources according to its priorities or needs.
What motivates businesses to earn more money in a free market?
The profit motive.
How is ownership of businesses different in a planned economy and the United States?
In a planned economy, the government may own or control major industries; in the U.S., most businesses are privately owned.
In the special Agent Oso, how many special steps does Oso usually follow to complete his tasks?
3
Can a county have multiple kinda of economy?
Yes
Why might workers have less incentive to work harder in some command economies?
Their pay or rewards may not increase much with their productivity.
How can competition benefit consumers?
It can lead to lower prices, better quality, and more choices.
Explain one major difference between a planned economy and the U.S. economic system.
A planned economy relies more on government decisions, while the U.S. relies mostly on private businesses and consumer choices, with government involvement.
Which teacher would probably make a regular school field trip feel like a space mission?
Ms. Frizzle