What is Economics?
And Opportunity Costs
And Opportunity Costs
Economic Systems
Types of Businesses
The Three Questions
100
Opportunity costs
Every decision we make
100
An economy based on tradition
Traditional economy
100
Business owned by one person and the most common in the United States
Sole Proprietorship
100
What are the questions that every type of economy tries to answer?
1. What do you produce?
2. How are we gonna produce it ?
3. Who gets it ?
200
What are the four factors of production?
Natural resources, entrepreneur, labor and capital
200
What is both an advantage and disadvantage to having a traditional economy?
Everyone knows what to do, and how to do it
200
True or False:
Sole Proprietorships are easy to start but usually have a limited life span
True
200
Which economy answers the 3 questions but never improves
Traditional Economy
300
What is the basic problems of economics
Unlimited wants, Limited resources
300
Define Command Economy
A group decides all the decisions for the economy
300
What is a partnership?
A business owned by more than one person
300
Bonus Question:
What is Economics
EVERYTHING
400
What else you could've done with your time, money and resources
Anything else
400
True or False:
A command economy leads to more incentive to create and improve new products
False
400
True or False:
40%of businesses are corporations
False:
only 20% of businesses are corporations
400
Which economy has a group of people that makes the decision for everyone else
Command economy
500
Who is this?
Mr. Quigley
500
The type of economy used by the United States
Market Economy
500
Which type of business contains 90% of all sales
Corporations
500
Which economy gives producers and consumers the power to answer the 3 questions?
Market Economy