Chapter Two Game Business Principles Economic Systems Chapter Two Game Business Principles

Name the three basic economic questions each country must answer to make decisions about their resources.

Identify the four factors of production.

Labor Resources List an example of each: Skilled workers Unskilled workers Physical workers Intellectual workers

Why does a country need an economic system?

Several nations are moving toward a market economy Several nations are moving toward a market economy. Why are some nations choosing to adopt a more market-based economy?

What is the difference between capital and capital goods?

When developing a product or service, a business must create the need for what they are developing?

What capital resources does a teacher need?

How does recycling help bridge the gap between renewable and nonrenewable resources?

What are the differences between machine-made and handmade products?

In a market economy, resources are: Privately owned? Scarce? Plentiful? Shared?

In a market economy, the higher the price, the ____________________.

In a command economy, do workers earn the same no matter what their skill level is?