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5
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True or False: The public school system is an example of communism in America
False: It is an example of socialism: Tax money is being used to support all citizens.
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10
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What is the ideal unemployment rate according to the government?
4-5%
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10
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If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
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banana
Go to last place!
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magnet
Take 25 points!
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shark
Other team loses 20 points!
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thief
Give points!
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15
20
25
10
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Explain what inflation is.
Rise in the general price level of goods and services.
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boom
Lose 50 points!
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star
Double points!
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shark
Other team loses 20 points!
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baam
Lose 20 points!
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5
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Anything used to make a good is called what?
Input
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10
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What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
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10
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Provide a definition for supply.
THE AMOUNT OF A GOOD OR SERVICE THAT PRODUCERS ARE ABLE AND WILLING TO SELL AT VARIOUS POSSIBLE PRICES DURING A SPECIFIED TIME PERIOD.
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10
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Provide an example of a situation where you would see a mixed economy.
This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.
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5
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True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.
True
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10
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Explain the differences between market and command economies.
Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.
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5
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George can no longer find work as a CD designer since music is now digital. What type of unemployment is this?
Structural
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10
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Provide a definition for demand.
THE AMOUNT OF A GOOD OR SERVICE THAT CONSUMERS ARE ABLE AND WILLING TO BUY AT VARIOUS POSSIBLE PRICES DURING A SPECIFIED TIME PERIOD.
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seesaw
Swap points!
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gold
Win 50 points!
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gift
Win 15 points!
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lifesaver
Give 5 points!
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5
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The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?
Command
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