Yr 10 Commerce - Economics basics

Which country is an example of a communist economic system?

A 'planned economy' is where resources are predominently owned by the government.

What are the THREE questions to ask when determining the type of economic system?

Which economic system allows businesses to operate without government intervention?

A person'es intellectual of physical skills is considered to be which type of resource?

Buildings, machinery and computers are examples of which type of resource?

Australia is an example of a 'mixed economy'?

Which economic system involves producing only the amount needed for the needs of the community?

Water, forests and land are examples of which type of resource?

The value of the next best alternative is called...