Presentation on theme: "Answering the Three Economic Questions"— Presentation transcript:
1Answering 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
2The 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
3A 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.
4In 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.
5The 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 _______________.
6Questions 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 _____.