Economics

What does goods mean?

Products that people consume or use

All economic ....... are made from who in the command economy?

Government

Countries must plan what because they do not have enough resources for everything?

How to use their limited resources

What are some potential services of the command economy?

- - services (health and clothes) -

What are some of the advantages for citizens in the command economy?

- jobs - service - goods

How many economic questions are typically asked?

3

How many questions must a country consider about an economic plan?

3

What is a market economy?

A system were decisions are made by interactions between buyers and sellers. It is not controlled by the government and is used by most countries today.

Whats an example of a good?

Apple pie

What are needs?

Are essential of survival

How is the exchange of goods done through the traditional economy?

Bartering

What freedom do buyers and sellers have in the market economy?

Buy or sell

Economic decisions are based on what in the market economy?

Changes in price

Whats an example of an essential for survival?

Clean drinking water

What are some of the potential goods provided in a command economy?

Clothes and food

What is a free enterprise system?

Competition between companies

What is the plan called where countries plan how to use limited resources?

Economic system

What are the goals of the command economy?

Ensures that all residents have their needs and benefits equally from the production of goods and services. Which is....communism

What are the three main activities that the traditional economy performs?

Farming, hunting, and gathering

Whats an example of a want?

Flavored water

What is the Market economy also called?

Free enterprise system

What disadvantages are there for freedom in the command economy?

It's hard to have personal freedom b/c they restrict choices available

The government has no control over which economy?

Market economy

In the command economy they try to grow a strong.....?

Military

Whats an example of a strong military in the command economy?

Nazi in the 1930s

Which countries have enough resources to everything that people want/need?

None

Sometimes people pay ......... salaries which is a disadvantage in the ......... economy

Poor market

Who are often rewarded based on there consumers and the common good?

Pro athletes

The government can quickly refocus what in a command economny?

Refocus the ability to distribute resources

What does a free enterprise system cause?

Shifts in prices and goods/services

What is a negative in making a profit in certain companies in the market economy?

Sometimes there illegal

What does economics mean?

The study of how individuals and groups use limited resources to fulfill unlimited wants and needs.

Whats an example of human activity or service?

The checkout person at the grocery store

In the command economy who makes the decisions?

The government

What does Scarcity mean?

The limited supply of soemthing

What are some of the things that the command economy's government makes their decisions on?

The prices of goods, wages of workers, plans what will be made.

What are some of the economic decisions that the command economy makes?

The prices of goods, wages, plans

What is a disadvantage in business for the command economy?

Theres no reason to do a good job

What are some of the disadvantages about distribution for the command economy?

They cant distribute evenly

What is a disadvantage in companies that are apart of the market economy?

They fail

What are advantages for buyers and sellers in the market economy?

They have a lot of freedom

What do people work as and how much do they make when there in the traditional economy?

They have the same pay and jobs as there parents

What does bartering mean?

Trading without using money

What are three types of economic systems based on their answers?

Traditional, Command, and Maret

All economic systems are mixtures of what?

Traditional, command, and market

Sometimes in the market economy people make ............ products that cause a disadvantage.

Unsafe

Where can you find an example of the exchange of goods through bartering?

Village in africa, south america, the Inuit in Canada, aborigines in australia

In the command economy they try to ensure that all.....stays in hands of the elite fault.

Wealth

What are wants?

What people would like to have

What are the three economic questions that are produced through the traditional economy?

What will be produced? People follow tradition and make what their ancestors made How will it be produced? People will produce goods the same way their ancestors did Who will consume them? People in the village who need it

Whats an example of an economic decision?

When suvs came out everyone wanted one

What is the traditional economy?

an economic system that relies on habit, custom, or ritual to decide the three key economic questions

What is a command economy?

an economy in which production, investment, prices, and incomes are determined centrally by a government.

What is the traditional economy based on?

customs, traditions, and beliefs of the past

What are the two main categories of wants and needs?

goods and services

What is a service?

human activity

Who answers all economic questions in the market economy?

private citizens

What are the three questions countries consider before having an economic plan?

what foods and services will be produced? How will goods and services be produced? Who will consume the goods and services?