1.What are the three basic questions that every economic
system must answer?
• ____________________________________________________
• ____________________________________________________
• ____________________________________________________
2.What are the three economic systems?
• _______________________________________________
• _______________________________________________
• _______________________________________________
3. What economy is this station about?_____________________________
4. All economic decisions are based on ____________________________,
____________________________, & beliefs of the past.
5. What is the definition of BARTERING?
• ____________________________________________________
____________________________________________________
6. Examples: villages in Africa & South America, the ____________ in
Canada, _________________ in Australia
ANSWER THE ECONOMIC QUESTIONS FOR A TRADITIONAL
ECONOMY!
7.What goods/services will be produced?
• ____________________________________________________
____________________________________________________
8. How will goods/services be produced?
• ____________________________________________________
____________________________________________________
9. Who will consume the goods/services?
• ____________________________________________________
____________________________________________________
10. What economy is this station about?___________________________
11. Who makes economic decisions?______________________________
12. Who owns most of the property in countries with this economy?
• _______________________________________________
13. Who sets the prices of goods in countries with this economy?
• _______________________________________________
14. Who determines the wages of workers in countries with this economy?
• _______________________________________________
15. Who plans what will be made in countries with this economy?
• _______________________________________________
16. What type of government have command economies?
• _______________________________________________
ANSWER THE ECONOMIC QUESTIONS FOR A COMMAND ECONOMY!
17.What goods/services will be produced?
• ____________________________________________________
18. How will goods/services be produced?
• ____________________________________________________
____________________________________________________
19. Who will consume the goods/services?
• ____________________________________________________
____________________________________________________
20. What economy is this station about?___________________________
21. Economic decisions are made based on the changes in prices that
occur as ____________& ________________ interact in the market place.
22. What is the definition of FREE ENTERPRISE?
• _________________________________________________________
_________________________________________________________
23. TRUE OR FALSE: IF IT IS FALSE CORRECT IT!!!
• The government has all control over the economy.
ANSWER THE ECONOMIC QUESTIONS FOR A MARKET ECONOMY!
24.What goods/services will be produced?
• ____________________________________________________
25. How will goods/services be produced?
• ____________________________________________________
26. Who will consume the goods/services?
• ____________________________________________________
27. What economy is this station about?___________________________
28. Why are truly free market economies SCARY? (2 REASONS)
• ____________________________________________________
____________________________________________________
• ____________________________________________________
____________________________________________________
29. What type of government have mixed economies?
• _______________________________________________
USE THE ECONOMIC CONTINUUM TO ANSWER THE QUESTIONS!
30. Is Russia More Market or More Command?______________________
31. Is Germany More Market or More Command?____________________
32. Is Cuba More Market or More Command?_______________________
33. Is the UK More Market or More Command?______________________
34. Is Australia More Market or More Command?_____________________
35. Is the US More Market or More Command?______________________