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economic decisions
What is the THREE economic questions?
Types of Economic systems
economic decisions
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1
Types of Economic systems
None of the ABOVE
Economy war
State economy
Command/Capitalist economy/Mixed/Traditional/Market
2
What is the THREE economic questions?
WHAT needs/wants will be SATISFIED?
HOW will the goods/services will be produced?
WHAT goods and services will be produced?
ALL of the above
3
What is a traditional economy?
A new economy with similar practices
Advanced computers
Good and services that's produced the way it's always been done
Private ownership
4
What is the purpose of PROFIT?
to own a house
to pay loans
to buy snacks
For private businesses to earn money and to invest
5
What is a Mixed economy?
Freedom of Speech
government involvement
Elements organized with free markets and government involvement
None of ABOVE
6
What is CAPITALISM/What does it do?
gaining more and giving less
Stealing
Refers to the private ownership of economic resources
Rich and poor
