Notes: Three Key Questions For Economic Systems
Why are some countries rich while others are poor?
______________________________________ _________________________________
What conclusion can you draw from the information provided by the graphy
“The population suddenly explodes due
to_____________________________________________________________________________________
“INSTITUTIONS MATTER BECAUSE THEY PROVIDE………..”
a.
b.
c.
The effect of these can be seen by encouraging people to …………
“Every Society Answers The Three Key Questions. They include: “
a.
b.
c.
Economists Classify Resources (Factors of Production) in the following 4
Categories
a. An example of Land is………
b. An example of Labor is……..
c. An example of capital is………
d. an example of an entrepreneur is…….
Market Economies answer the 3 basic questions by allowing…………
Command Economies answer the 3 basic questions through……….
Traditional Economies answer the 3 basic questions by……….
A Mixed Market economy answers the three basic questions through a
combination of………..