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eraser
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fairy
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25
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fairy
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thief
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baam
Lose 5 points!
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magnet
Take 25 points!
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shark
Other team loses 20 points!
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lifesaver
Give 15 points!
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thief
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fairy
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fairy
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banana
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10
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Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
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15
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You are considered unemployed if you meet which three criteria?
1. Willing to work 2. 16 or older 3. Looking for a job but can't find one.
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5
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If making a computer, the glass and metal used in it would be which type of input?
Land
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10
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What is the ideal inflation rate according to the government?
2%
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10
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Explain what is occurring with supply and demand if there is a shortage.
The demand for a good is higher than the supply of the good.
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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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10
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Explain what is occurring with supply and demand if there is a surplus.
The supply of a good is higher than the demand of the good.
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heart
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magnet
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fairy
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25
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baam
Lose 25 points!
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10
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Explain what inflation is.
Rise in the general price level of goods and services.
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5
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Mark loses his job when there is a stock market crash. Which type of unemployment is this?
Cyclical
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10
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How would the U.S. change if we had a pure market economy?
All decisions would be made by businesses. The government could not restrict them.
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5
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What is a stock?
A stock is a portion of a company you can purchase.
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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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