Economics Free Response

Compare and contrast the two major economic systems by describing their six areas of difference

Command: controls land, career, profit, and goods Market: opposite of that

Give an example of alternatives you have considered recently. Explain what you chose and describe specifically your opportunity cost.

I came to school when i could have slept in for the rest of the day.

Draw a diagram showing the circular flow of economic activity. Explain what flows on both upper and lower loops

Inside loop: businesses provide products to individuals and individuals provide

Draw a diagram showing the circular flow of economic activity. Explain what flows on both upper and lower loops

Outside loop: individuals pay for products, which sends money to businesses. Businesses use that money to pay for resources for land, labor & capital.