Economics Review

Economic Systems

100

Which economic system is focused on ancestors and customs?

A. Traditional

B. Command

C. Market

D. Mixed

TRADITIONAL

200

Which economic system do most world economies have?

A. Traditional

B. Command

C. Market

D. Mixed

MIXED

300

"Central Planners" make the decisions in which economy?

A. Traditional

B. Command

C. Market

D. Mixed

COMMAND

400

TRUE OR FALSE:

There is little individual freedom in a Market economy.

FALSE

Individual freedom is VERY important in a market economy.

500

In which economy is PROFIT the goal?

A. Traditional

B. Command

C. Market

D. Mixed

MARKET

Economic Questions

100

What are the 3 economic questions?

1. What to produce?

2. How to produce?

3. For whom to produce?

200

McDonald's providing healthier options is an example of the company answering which question:

A. What to produce?

B. How to produce?

C. For whom to produce?

WHAT TO PRODUCE

300

Producing dolls with that represent a variety of races and body types is an example of the company answering which question:

A. What to produce?

B. How to produce?

C. For whom to produce?

FOR WHOM TO PRODUCE

400

Shoe companies changing their factory locations and process to include more technology is an example of the company answering which question:

A. What to produce?

B. How to produce?

C. For whom to produce?

HOW TO PRODUCE

500

Give an example of how the Amish culture impacts how they will produce?

*The Amish does not use technology, so their products are made by hand*

Resources

100

Name the 3 types of resources.

Natural, Capital, Human

200

List 3 natural resources:

water, wood, salt, vegetables, chicken, cotton

300

List 5 capital resources:

cup, table, bag, TV, car, computer, sneaker, microwave

400

Which type of resource is the most common in our society?

A. Natural

B. Capital

C. Human

CAPITAL

500

Name a natural, capital, and human resource required to make a pencil.

Natural: tree (wood), rubber, metal, clay, graphite

Capital: ax, machines, mixer, paint, forklift, trucks

Human: farmer, factory worker, painter, inspector

Productivity

100

Is working as a craft person or specialist more productive?

SPECIALIST 

200

What is one piece of technology that makes cooking more productive than the way the Amish cook?

electric mixer, electric oven, microwave, electric can opener, air fryer, crockpot

300

McDonald's is able to produce 100 burgers in 1 hour.

Red Robin is able to produce 200 burgers in 4 hours.

Which restaurant is more productive?

MCDONALD'S

(100/1=100)

(200/4=50)

400

What is 1 benefit of using technology in production?

it's faster, all products look thee same, it's cheaper

500

What is 1 change a company can make to increase their productivity?

work as specialists, invest in technology, train employees