Day 2: Economic Systems 36a

What is scarcity?

Jesus went to a store. What did he see there that can be classified as goods?

What are the 3 economic questions that every country must answer?

In a traditional village where Ashli, Wendy, and Sandra live, economic decisions are made based on...

Who makes all the economic decisions in a command economy?

What is another word for consumers?

In a market economy, who decides what and how to produce?

Jheferzon, Carlos, and Erik are studying about different types of economies in their social studies class. They learned that in North Korea, the government makes almost all of the economic decisions. What type of economy is this?

What is bartering?

On Moana's island, people decide what, how, and for whom to produce based on tradition and culture.