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Q 1/29
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An example of an opportunity cost is when a person wants to buy new jeans and shoes, but can only buy one of the two items. This could shape an economic choice by having the person decide which item is most important.
30
Give an example of an opportunity cost and how it could shape an economic choice.
Q 2/29
Score 0
In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.
30
Which is the difference between a free market economy and a command economy?
29 questions
Q.
An example of an opportunity cost is when a person wants to buy new jeans and shoes, but can only buy one of the two items. This could shape an economic choice by having the person decide which item is most important.
1
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Q.
In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.
2
30 sec
Q.
a company that produces televisions using parts from all over the world
3
30 sec
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Innovations such as e-mail have made communication faster and cheaper.
4
30 sec
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mail delivery
5
30 sec
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when the usual price of many goods and services rises
6
30 sec
Q.
they believe that their ideas for businesses can make money
7
30 sec
Q.
bartering trades one type of good or service for another. No money is exchanged.
8
30 sec
Q.
they create products that have a high demand
9
30 sec
Q.
clothing
10
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Q.
scarcity
11
30 sec
Q.
having to choose between two items because you can't afford them both
12
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What goods and services should be produced? How should they be produced? For whom should they be produced?
13
30 sec
Q.
A person deciding whether to bring lunch to school or work or to buy lunch. A person deciding whether to buy a pair of shoes or save the money for something else. A person deciding whether to buy a pair of jeans or look for a cheaper pair.
14
30 sec
Q.
In a free enterprise system, or market economy, producers have the right to create any goods or services they want. Producers also set the prices and quantities for their good and services.
15
30 sec
Q.
Banks encourage people to save money by offering interest on the money saved. Interest is extra money that is added regularly to a savings account.
16
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Q.
a person or company who buys a good or service
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Banks take money people save and give it out as loans to borrowers who pay it back over time.
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30 sec
Q.
In a market economy, producers decide which goods and services to produce.
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an income
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by continuing to study and learn new skills
21
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clothing and a new computer
22
30 sec
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paying to build a school
23
30 sec
Q.
a rise in the price of needs such as food, shelter, and basic clothing
24
30 sec
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trading a baseball card to someone for a pack of gum
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to make a profit
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Q.
An entrepreneur believes that his or her ideas for a business can make money and are worth the risks.
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Q.
People are more likely to pay a high price for the product. A business can charge a price well above what it costs to produce the item. This will result in larger profits.
28
30 sec
Q.
Banks offer an incentive for people to save money by paying people extra money called interest. Interest is added to a person' savings account on a regular basis, usually once a month. Banks take the money that people save and give it out as loans to borrowers, who must pay it back over time.
