Economics

Question 1

What are economics

Answer 1

The study of now individual and groups new limited resources to fulfill unlimited wants and needs.

Question 2

What are goods

Answer 2

Something you use

Question 3

What is a need

Answer 3

Something that’s is n essential to you

Question 4

What is a good

Answer 4

Something you would want to have

Question 5

What is a service

Answer 5

A human action

Question 6

When a country is making an economic plan, what questions do they need to ask themselves for that plan?

Answer 6

What goods and services will be produced? How will they be produced? When will use them?

Question 7

What is scarcity

Answer 7

A limited supply of things

Question 8

Economic systems has three thoughts in the marketing business, what are they?

Answer 8

Traditional, command, and market

Question 9

What are all economic decisions based on

Answer 9

Customs, traditions, and beliefs of the past.

Question 10

What is barting?

Answer 10

Trading without money

Question 11

What are the main activities of the traditional economy?

Answer 11

Farming, hunting, and gathering.

Question 12

True/False. No country in the world has enough resources to roduce3 everything that people need/want

Answer 12

True

Question 13

True/False. ‘What goods/services will be produced?’, ‘how will the goods/services be produced?’, ‘ Who will consume these goods/services’ Are these the three questions you need to ask to make an economic plan?

Answer 13

True

Question 14

What are the three types of economic systems based on the questions to an economic plan?

Answer 14

Traditional, command, and market

Question 15

All economic systems are mixtures of what three areas?

Answer 15

Traditional, command, and

Question 16

True/false. People will not make what they always make and their kids will not do the same as them.

Answer 16

False

Question 17

The exchange of goods is done through

Answer 17

Bartering

Question 18

Answer the economic question from your notes. What will be produced

Answer 18

People follow tradition and make what their ancestors made.

Question 19

Answer the economic question from your notes. How will it be produced

Answer 19

People produce goods the same way their ancestors did

Question 20

Answer the economic question from your notes. Who will consume them

Answer 20

People in the village who need them.

Question 21

All economic decisions are made by…

Answer 21

The government

Question 22

What does the command economy do

Answer 22

Get the prices of goods and services
Determines the wages of workers
Plans what will be made

Question 23

What are the goals of a command economy

Answer 23

1. To ensure that all residents have their needs met and that they benefit equally from the produced goods and services
2. To ensure that the wealth stays in the hands of the elite few
3. To grow a strong military

Question 24

government ensures that the citizens’ needs are met through

Answer 24

Jobs, services such as health care and education

Question 25

Government can quickly refocus production methods if these occur

Answer 25

War, shortage, or excess

Question 26

What is often difficult for the government to give

Answer 26

Resources

Question 27

Businesses have no reason to do a better job because...

Answer 27

All employees get paid the same even if they slack off or work extra

Question 28

Government limits what and why

Answer 28

They limit personal freedom because they restrict choices for jobs available

Question 29

True False- an advantage of the command economy is that it is often difficult for government to give resources fairly

Answer 29

False

Question 30

Ensures that all residents have their needs met and they benefit from the produced goods and services. This is called

Answer 30

Communism

Question 31

Give an example of a shortage or excess

Answer 31

If there is a shortage of clothes, government would change people packing nuts to making clothes