Unit 3 Basic Economics - EMS 6th grade

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Joe owns a shoe store.  At the end of the month Joe decides what to do with his profits.

• Command
• Free Market
• Traditional

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a command economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

the factors of prodution

• Scarcity
• choice
• opportunity cost
• resources

amount of money exchanged for a good or service

• price
• incentive
• consumption
• production

amount of a good a consumer will buy at a certain price

• price
• incentive
• demand
• supply

The inability to satisfy all wants at the same time

• Scarcity
• choice
• opportunity cost
• resources