Key Questions: Define: economics:
What are some needs we all have?
What are goods and services?
What are resources?
What does scarcity force people to do?
There are three causes of scarcity. Which cause do you see most frequently?
What is an economic system?
What questions must economic systems answer?
What is a traditional economy?
What is a command economy?
What is a free market economy?
The American economy is a mix of command and free market.
What are two characteristics of each market that we see in this country?
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