Economics lesson 3 to 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| economy | people and firms produce, exchange and consume goods and services in it.
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| economic system | How an economy decides what goods and services to produce, how to produce them and who to produce them for
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| free market economic system | -all decisions are taken by private sector organizations and individuals
-no role for government or a public sector and therefore no taxes or public spending. (Laissez Faire=let it be)
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| central planned economic system | -in a planned economy most decisions are taken by public sector organizations. these are organizations owned, controlled and
accountable to the government
-few private sector businesses in planned economies
-very little consumer choice.
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| mixed economic system | -in reality there are no totally free market or planned economies. all economies are mixed to some degree.
-ownership of scarce resources and decisions about how
to use them are split between the private sector and a public sector
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| wealth | total market value of all physical and intangible assets owned, then subtacting all debts
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Andromeda Annabeth Chase
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