REVIEW: UNIT 2 ECONOMIC SYSTEMS

Front

Pop Quiz! Which of these is NOT a dilemma that keeps economists up at night?
what to produce,
how to produce,
for whom to produce,
why to produce

Back

why to produce

Front

What's the invisible hand guiding how we all make stuff and get stuff? It's the system born from everyone's choices, shaping how a society gets its groove on with producing and munching on goods and services. What's it called?

Back

economy

Front

The Joker once quipped, "If you're good at something, never do it for ___________."

Back

free

Front

At the heart of economic theory is the idea that our wants and desires just keep going on and on.

Back

our wants and desires just keep going on and on

Front

Dive into the world of economics with Adam Smith! What does his famous "invisible hand" concept really mean?

Back

Entire economies will benefit if individuals pursue their self interests.

Front

Imagine you're in a world where all economic decisions are guided by ancient customs. What type of economy is this?

Back

Traditional

Front

Guess which economy thrives when the government rolls out incentives for folks to brainstorm and launch their own ventures? Options: Traditional, Command, Mixed, Market

Back

Mixed

Front

In which economic system do central planners, such as the government, make all the big decisions? Options: Traditional, Command, Market, Mixed

Back

Command

Front

In which economic system do buyers and sellers get to make their own decisions?

Back

Market

Front

What's one of the main goals of a market economy? Options: Security, Efficiency, Equity, Stability

Back

Efficiency