SSE End of Quarter Test Prep | Baamboozle - Baamboozle

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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)

Name the four types of economic systems (Hint: Not capitalism, communism, etc...)

Market, Command, Traditional, Mixed

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.

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.

How would the United States change if we had a pure command economy?

The government would make all business decisions and own all businesses.

True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.

True

Which type of economy do we have in the United States? Traditional, command, market, or mixed?

Mixed

What is opportunity cost?

The choice you give up when you have to decide between two or more choices.

What is scarcity?

The reality we don't have enough money, time, or resources to get everything we want.

If you are studying Economics, what are you studying?

How we as humans use limited resources when we have unlimited wants.

Anything used to make a good is called what?

A resource or input

If making a computer, the glass and metal used in it would be which type of input?

Land

If making a restaurant, the construction workers would be which type of input?

Labor

If making a puzzle, the machines to cut the pieces would be which type of input?

Capital

What are the three questions asked in all economies?

What should be produced? How should it be produced? Who should it be produced for?

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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