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Answering the Three Economic Questions

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Presentation on theme: "Answering the Three Economic Questions"— Presentation transcript:

1 Answering the Three Economic Questions
An _________ is the method used by a society to produce & distribute goods and services. In order for a society to decide the goods and services it’s going to produce it has to ask itself this question: __________________? _______________ is the income people receive for supplying factors of production such as land, labor, or capital

2 The person getting to drive the luxury car, the person owning only a Nokia phone with no camera or text messaging capabilities, or the person getting to live in the suburbs is answered by the question ______________________. __________ is the love for one’s own country. ______________ is when a society maximizes what it can get for the resources they have to work with

3 A set of government programs to protect people in an unfavorable economic condition is called a ________. ___________ is the opportunity to make our own economic choices. A level of economic prosperity is called ________________. ____________ is the way a society decides to divide the economic pie. In a ___________ a society relies on custom or rituals to decide what to produce, how to produce it and whom to distribute it to.

4 In a ____________ the government decides how to answer the three economic questions.
In a __________ the government plays a limited role. In a ___________ the government alone is in control of the economy. In _____________ changes in technology, increased efficiency of products and production of new goods and services improves people’s standard of living.

5 The fact that people do not like uncertainty and want reassurance that goods and services will be available is called ________________. A farmer getting rid of his mule and using a tractor is an example of ______________. People deciding what kind of entrepreneurs they will is an example of a ______________ (observe article) A government breaking up a monopoly will most likely occur in a _______________.

6 Questions like “What constitutes a fair share or should everyone get the same is an example of ___________ Food stamps, section 8 housing, & social security are examples of _____________. A government that limits the amount of cell phones your company can produce each year is an example of a _____.

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