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SSE End of Quarter Test Prep
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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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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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Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
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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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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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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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What are the three questions asked in all economies?
What should be produced? How should it be produced? Who should it be produced for?
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How would the United States change if we had a pure command economy?
The government would make all business decisions and own all businesses.
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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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What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
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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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If making a computer, the glass and metal used in it would be which type of input?
Land
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Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
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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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What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
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