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[DOC File]KEY ECONOMIC QUESTIONS
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1. All economic systems have to answer these questions. Give an example of how a market system and a command economy would answer each question.
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[DOC File]Sample Questions for Case & Fair, Principles of Economics ...
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List the three basic economic questions that all societies must answer. (1.) What will be produced? (2.) How will it be produced? (3.) Who will get what is produced? Difficulty: E Type: F Explain the economic concept of opportunity cost. The opportunity cost of something is the best alternative that we give up when we make a choice or a decision.
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[DOC File]Chapter 15 Political and Economic Issues
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As indicated in the following selection from “At the Shrine of Our Lady of Fatima of Why Political Questions Are Not All Economic,” Arizona Law Review (vol. 23, 1981), Sagoff believes that environmental problems are complex and require more comprehensive assessment than can be made on the basis of economic analyses alone.
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Economics:
The central government answers all 3 economic questions. Example = Communist/Socialist (The old Soviet Union), North Korea, Cuba. 4. Mixed Economy. Are systems that combine tradition and the free market with limited government intervention. Most modern economies are Mixed Economies.
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[DOC File]White Plains Public Schools / Overview
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Of course, there are different ways to answer these questions. The answers to these questions will determine the nation’s economic system. Economists recognize four economic systems: a traditional economy, a free market economy, a command or centrally planned economy, and a mixed economy.
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Fiscal Policy Practice Test Questions
Practice FP questions for the test. Please refer to the following chart to answer question number 1. Federal Reserve Tools Fiscal Policy Tools Discount rate taxing Reserve Requirement spending borrowing One tool is missing from the Federal Reserve’s list of tools.
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[DOC File]Study guide for Economics Unit I test
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– The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people. Terms to know: You are responsible for knowing . ALL. the terms in Chapters 1-2.
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[DOCX File]EconEdLink - Free economics and personal finance resources ...
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Keep in mind, that you will be creating an economics system, and as you do, you will be answering the fundamental questions that all economic systems . have to. address - think about what those questions might be as you are doing the activity. The crew consists …
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[DOC File]Section 1: Answering the 3 Economic Questions
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Economic System– method used by a society to produce and distribute goods & services. different systems evolved due to various situations of scarcity and the method chosen to deal with these problems societies must all answer 3 key economic questions. What goods and services should be produced?
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[DOC File]CHAPTER 1
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The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
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All economic questions are about