1-3 Economic Systems

What are the three economic questions?

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Answer explanation

1. What goods and services will be produced?

2. How will the goods and services be produced?

3. What needs and wants will be satisfied with the goods and services produced?

Countries have differing types and amounts of _____________ just as individuals

differ in their skills and abilities. (p.17)

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What to Produce?

Some countries have abundant supplies of oil, coal, and other energy sources, while many countries have only a limited supply. Use the internet to list two countries who have limited supply of oil and a surplus supply of oil.

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Continue to read the section, "What to Produce?" and answer the following question:

Explain what determines what a country may produce? (p.17)

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The method a country uses to answer the three economic questions is called ___________ __________.

The resources are owned and controlled by the government is known as ________ _______.

• market economy

• command economy

• mixed economy

• traditional economy

A _____________ is when the economic resources are

owned and controlled by the people of the

country.

• market economy

• command economy

• mixed economy

• traditional economy

Answer explanation

The three economic questions

are answered by individuals through buying and selling of goods and services in the

marketplace.

As a country develops, tasks that were traditionally performed using human labor, such as farming and mining, are now performed with more efficient tools and equipment. (p.18)

• True

• False

Because wants and needs are limited, everyone's needs can be met no matter what goods and services a country decides to produce. (p.18)

• True

• False

Answer explanation

Because wants and needs are unlimited, many will remain unmet no matter what goods and services a country decides to produce.

The __________ is anywhere that goods and services exchange hands. (p.19)