The Basics
What are the three fundamental economic questions?
1. What to produce?
2. How to produce it?
3. For whom should it be produced?
Pick One:
A. first come, first served
B. according to need
C. equal distribution
I will distribute 100 points depending on your answers.
What type of economy is most common today?
Mixed
What are the six economic goals?
1. Economic Freedom
2. Economic Efficiency
3. Economic Equity
4. Economic Security
5. Economic Stability
6. Economic Growth
A student who struggles with reading gets their test read aloud to them by a teacher, but every other student has to read it themselves. What type of distribution is this an example of?
According to need
What caused the many surpluses and shortfalls in the Soviet Union economy?
Central planners could not manage everything that was being produced/distributed.
Give an example of a factor payment.
- A worker earning a paycheck
- A landlord collecting rent from a tenant
- An entrepreneur collecting profit from their business
Your classmate brings in cookies for their birthday treat. What determines how many cookies each student gets?
Equal Distribution
How much government interference should a market economy have? Support your answer with reasons/evidence.
Answers will vary
Describe Adam Smith's idea of an "invisible hand".
Your own choices as a consumer in the market can influence the market as a whole and have influence on larger factors such as trade.
You are standing in line to buy a limited number of concert tickets. What determines your ability to buy tickets?
First come, first served
What is the ultimate goal of a command economy?
Equality
What is the biggest benefit of having an economy with no unemployed people?
No productive resources (meaning people) are unused - everyone is doing something to contribute
You want to buy a pair of shoes online. What determines your ability to buy the shoes?
Ability to pay for the shoes
What is the most important goal in a traditional economy?
Stability - maintaining traditions
I have 8 Starbursts. As a whole class, determine how they should be distributed. You have 5 minutes to reach a unanimous decision, or no one gets any.
Good luck