Economic systems

Question 1

Part 1: Ecxonomic systems

What is economics?

Answer 1

Economics is the study of how individual and groups use limited resources to fulfill unlimited wants and needs.

Question 2

What is a want?

Answer 2

A want is something someone would like to have.

Question 3

What is an example of a want??

Answer 3

Soda.

Question 4

What is a need?

Answer 4

A need is an essential of survival you need this.

Question 5

What is an example of a need?

Answer 5

An example is clean drinking water

Question 6

Give an example of what a good could be..

Answer 6

A good is cake.

Question 7

What is the meaning of a good?

Answer 7

Good: products people consume or use

Question 8

What is a service??

Answer 8

A service is something done by a person to help others.

Question 9

Give an example of a service:

Answer 9

A service could be the checkout person at the grocery store.

Question 10

Scarcity is the ______ _______ __ ______…

Answer 10

Limited supply of something

Question 11

true or false: countries have enough resources to produce everything.

Answer 11

False, there are never enough resources at once.

Question 12

What is the plan to use limited resources called??

Answer 12

It is called “Economic System”

Question 13

What are the 3 questions the government developed to make an economic plan?

Answer 13

• what good services will be produced
• How will goods/ serviced be produced?
• who will produce the goods/ services

Question 14

Economic decisions are based on what?

Answer 14

Customs, traditions, and beliefs of the past?

Question 15

True or false: Gathering and hunting are the main activities…

Answer 15

True!!

Question 16

What does it mean when it says the rely on beliefs of the past:

Answer 16

It means kids rely on the traditions of their parents..

Question 17

What is the meaning of bartering??

Answer 17

Bartering is, trading without money.

Question 18

What is the exchange of goods done through??

Answer 18

Bartering is done.

Question 19

What villages or places use bartering to trade??

Answer 19

Africa, South America, the Inoit in Canada, and places in Australia.

Question 20

how will it be produced??

Answer 20

they will produce the goods the way their ancestors did.

Question 21

Who will consume them??

Answer 21

The people in the villages.

Question 22

Part 2: Command economy:

All economic decisions are made by who:?

Answer 22

They are made by the government.

Question 23

Fill in the blank: What is the first thing command economy does? It sets ____ __ ____ ___ _____.

Answer 23

It sets prices of goods and services.

Question 24

What are the other 2 things command economy does?

Answer 24

Command economy:

• Determines the wages of workers
• Plans what will be made

Question 25

what is the definition of communism?:

Answer 25

To ensure all residents have their needs met and benefit equally from the production of goods and services

Question 26

What is one goal of the command economy:

Answer 26

A goal is to, ensure all residents have their needs met and benefit equally from the production of goods and services

Question 27

What are 2 more goals of the command economy?45

Answer 27

- To grow a strong military | - ensures all the wealth stays in the hands of an elite fuel

Question 28

Fill in the blank: The government ensures that citizens needs are met through _____.?

Answer 28

Jobs

Question 29

What services are citizens met through?

Answer 29

Health care and education

Question 30

What goods are citizens met too?

Answer 30

Goods such as food and clothes

Question 31

The government can quickly refocus production if needed when and why:

Answer 31

During wartime, and if a shortage or excesss develops.

Question 32

what could be a potential disadvantage:

Answer 32

- when the government cant distribute resources fairly

Question 33

When they can’t distribute resources, fairly it limits citizens’ what??

Answer 33

It limits personal freedom by restricting citizens choices .

Question 34

What is another disadvantage?

Answer 34

There is little reason for business’ to do a better job.

Question 35

What is an event that could be an example of having or growing a strong military?

Answer 35

Ex: Nazi, Germany under hitlers rule in the 1930’s

Question 36

Part 3: Market economy | What is another term for market economy?..

Answer 36

Another term is a free enterprise system

Question 37

What is free enterprise system?

Answer 37

It is the competition between companies.

Question 38

What is an example of competition between companies??

Answer 38

Shifts the employees work/ the prices of goods and services.

Question 39

The government has no jurisdiction over who?

Answer 39

Economic private citizens.

Question 40

Who exactly are “private citizens”?

Answer 40

They are citizens with no government relation. | Ex: A person working at the supermarket

Question 41

Fill in the blank: | Economic decisions are based on changes __ ______ ...?

Answer 41

“ in prices”

Question 42

Give an example of changes in prices being a main decision point:

Answer 42

Example: a car company starts to make a new,profitable, popular, car (such as an SUV) -Eventually, loads of people will want the car. -(SUVS are profitable so many car companies make them)

Question 43

what is an advantage of market economy?

Answer 43

An advantage is buyers and sellers getting the freedom they deserve in what they buy/sell.

Question 44

What is another good thing about market economy?

Answer 44

They encourage innovations and inventions.

Question 45

Now for the disadvantages.... Name one:

Answer 45

some companies end up failing.

Question 46

What are some bad practices some may use just to earn more profit?

Answer 46

-Paying poor salaries -fail to contain pollution - Make unsafe products for consumers Ex: fake makeup

Question 47

What is a kind of unfair tactic they have with salary’s?

Answer 47

They often reward individuals or companies that satisfy consume demand, rather than the common good. Example: Professional athletes vs Police officer