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10
×
Unlimited needs and wants combined with limited resources create what condition?
Scarcity
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15
×
Define voluntary exchange
The act of buyers and sellers freely and willingly engaging in market transactions
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5
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What is land?
All of the natural resources that are used to produce goods and services.
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banana
Go to last place!
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gold
Win 50 points!
Okay!
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gift
Win 20 points!
Okay!
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lifesaver
Give 25 points!
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20
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What are the three questions every economic system must answer?
Who? How? For whom?
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20
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What are the benefits of "specialization?"
Expertise, Efficiency, Education
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5
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In which economy does the government answer the economic questions?
Command
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boom
Lose 50 points!
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star
Double points!
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gift
Win 15 points!
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thief
Give points!
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25
25
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What is a current example of a true Free Market Economy?
Hong Kong or Singapore
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20
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What is the opportunity cost of choosing to buy a car over a house?
The ability to have your own home/shelter
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10
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Give a weakness of the Traditional Economic System.
No innovation, unable to change, No support in difficult times
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heart
Other team wins 25 points!
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shark
Other team loses 10 points!
Okay!
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rocket
Go to first place!
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thief
Give points!
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25
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Explain why the government controls certain things in a Mixed Economy.
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10
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In a Free Market system, who answers the economic questions?
Business Owners and Individuals
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10
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What is a public good?
a shared good or service for which it would be inefficient or impractical
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5
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What is labor?
Any effort a person devotes to a task for which that person is paid.
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