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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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5
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What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
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banana
Go to last place!
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seesaw
Swap points!
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rocket
Go to first place!
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thief
Give points!
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5
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If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
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baam
Lose 20 points!
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shark
Other team loses 20 points!
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shark
Other team loses 20 points!
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baam
Lose 25 points!
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15
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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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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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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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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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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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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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If making a restaurant, the construction workers would be which type of input?
Labor
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Anything used to make a good is called what?
A resource or input
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15
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What does it mean to have a welfare state?
Tax money is used to pay for services all citizens can use (Ex: Public roads or public schools)
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5
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Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
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heart
Other team wins 20 points!
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fairy
Take points!
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fairy
Take points!
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baam
Lose 10 points!
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