Economic systems
What is a command economy
an economy where the government answers the economic questions
What are resources
Resources are the materials from which goods and services are made.
What is Economics?
The study of how people satisfy their needs and wants.
Use the restaurant McDonalds and come up with a scenario in which they are dealing with scarcity and explain to the class how they would deal with it
Multiple answers
Whats the real cost of something
All of the resources used to produce a good or service.
what is a market economy
an economy where the buyers, or the individuals, answer the questions
How do businesses make money
by selling goods and resources
What is scarcity
A limited amount of resources to meet unlimited wants and needs.
What are the economic differences between a need and a want. Be specific
many answers
Whats a trade off
When you choose between two possible uses for a resource, giving up one alternative for another.
What is a traditional economy
traditional practices and habits answer the questions
Goods are
services are
physical items you can purchase
actions that a person does for another person
Why do we have Scarcity?
We have Unlimited Wants and Needs But Limited Resources Create Scarcity So we need to make Choices
If I am bartering with someone, what am I doing
trading
What are 3 types of resources
Human, natural and capital
Whats the definition of an economic system
the method used by a society to produce and distribute goods and resources
What are natural resources
Raw materials from which goods and services are made.
What is an opportunity cost
The value of time, money, goods, and services given up in an economic choice. The #1 alternative is the Opportunity cost.
What are features of an American command economy?
Government regulation, limits and aid
What is a capital resource?
Money and property used to produce goods and services
Explain to me in depth how there are variances (changes) in the worlds mixed economies. Does the USA have one? Does china have one?
Many answers
A person’s knowledge, skills, attitudes and abilities determine that individual’s value as a human resource.
What are 3 causes of scarcity
Poor distribution of resources, personal perspective, and rapid increase in demand
What are 3 features of the american free market economy
Economic freedom, competition, private property, self interest, voluntary exchange, profit motive
All economies, businesses and people must answer the following questions
What goods and services will be produced?
How will the goods and services be produced?
Who are the goods and services for?
How much will be produced now and how much later?