Economy and Society

How does a society’s available resources affect what type of economy it will utilize?

Identify one advantage and disadvantage of a market economy.

Identify one advantage and disadvantage of a command economy.

Identify one advantage and disadvantage of a traditional economy.

How does a society’s population affect what type of economy it will utilize?

Throughout human history, societies have become mostly traditional economies and have moved towards market economies. Why is that?

How does the presence of multiple sellers/products impact the goods/services sold in an economy?

What are the risks involved in setting up a business? (use the 3 means of production in your answer)

Identify and describe one theoretical situation when the economy needs government intervention. Explain how the government intervening helps support the economy.

How do consumers help determine the price of goods and services?