3 Economic Questions

Front

What are the three economic questions?

Back

What to produce? How to produce? For whom to produce?

Front

In a command economy, who holds power over the economy?

Back

The government

Front

If the government makes me produce 70 T-Shirts, what economic system is this?

Back

Command

Front

__________ is the most basic economic problem.

Back

Scarcity

Front

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this?

Back

Traditional

Front

Which economy is dictated by supply and demand and the buyers and sellers? Options: Market, Socialism, Mixed, Command

Back

Market

Front

Which one is a need? House, McDonalds, Yeezys, La Croix Sparkling Water

Back

House

Front

Which one would be considered a want? Water, House, Car, iPad

Back

iPad

Front

Which of these is an example of a service? candy bar, hamburgers, haircut, computer

Back

haircut