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4 cards from this section. Quick, good the night before a test.
What defines a market economy?
Think about the involvement of buyers and sellers.
What is the role of prices in a market economy?
Consider how changes in price can affect production decisions.
What is the primary mechanism for resource allocation in a market economy?
Focus on what drives the market's decisions.
True or False: In a centrally planned economy, the government makes all production decisions.
Consider who controls economic activities.
How might a sudden increase in oil prices affect an economy heavily reliant on oil for energy?
Consider the effects on supply and demand.
Evaluate the consequences if a government intervened to set a price ceiling on basic food items.
Think about supply vs. demand reactions to set prices.
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