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?