Show:
Economic Systems
Factors of Production
Economic Basics
Choices
Potpourri
100
In this system, custom and tradition determine what is produced
What is Traditional Economy?
100

The four factors of Production

What are Land, Labor, Capital and entrepreneurs?

100

The things we need to survive.

What are Needs?

100
Something that encourages you to behave in a certain way.
What is Incentive
100

Who is commonly credited with inventing the telephone?

Alexander Graham Bell

200

In this system, business is conducted with NO government intervention.

What is a Market Economy?

200

The Natural Resources that are used to make a product

What is Land?

200

Goods and resources owned by individuals or businesses

What is Private Property?

200
A limited amount of resources.
What is Scarcity?
200

In 2016 Golden State Warriors point guard player broke his own record for most 3-pointers in a season

Steph Curry

300
This system combines elements of Traditional, Command, and Market Economies.
What is a Mixed Economy?
300

A building, machine, tool or degree that is used in production

What is Capital?

300

The economic rivalry that exists between businesses selling the same product or service. This is a characteristic in both a mixed and market economy?

What is Competition?

300

Giving up something in return for getting something else.

What is trade-off?

300

 A group of dolphins

What is a pod?

400

The type of market that the US has.

What is a Mixed Economy?

400

The work put in by individuals who produce products for consumers.

What is Labor?

400

The things we desire but do not need to survive

What are wants?

400
A graph showing all possible combinations of two goods or services that can be produced within a specific time period.
What is a Production Possibilities Curve?
400

Where can you find the Great Barrier Reef? 



Where is Australia?

500

A system where all economic questions are answered by a central government that owns all factors of production.

What is a Command Economy?

500

The person or people that start starts and may fund the production of a good or service. 

What are Entrepreneurs? 

500

The two different sectors of the Economy.

What are the Public and Private Sector?

500
The next best possible alternative given up when a choice is made.
What is Opportunity Cost?
500

This language has the most native speakers in the world

What is Mandarin Chinese