How Different Economic Systems Answer the Three Basic Economic Questions

1. The three basic economic questions that every society must answer is: Wh
at will be produced, How it will be produced, and For Whom will it be produced!

2. An economic system is the system of production, distribution, and consumption of goods and services of
an economy. The four types of economic systems are: Market, Command, Traditional, and Mixed. An example of market is the United States, and Germany. An example of command is china. An example of traditional is native americans tribe. An example of mixed is also the United States and other countries.

3. Market involves the U.S buyers and sellers. Command is planned and directed by government, where resources are allocated to factors by the state through created planning. Traditional is based on customs and beliefs. Mixed is where the government is involved and other buyers and sellers.

4. The United States reflect a combination of economic systems because the government is very involved in the U.S economy.

5. Traditional is used by the Inuit because they are a tribe and traditional is based on customs and beliefs.

6. I support Adam Smith theory because I don't feel as if the governor should be involved with consumers and sellers that should be left up with their beliefs and ideas. I oppose because the governor should be there to regulate what's going on and keeping everything in order.

Production Possibilities Curve; Rational Decision Making; and Specialization

1. If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward?

-The possibilities curve is a graphical representation of the alternative combinations of goods and services an economy can produce. It illustrates the production possibilities model. It shows you how much of two products you can produce with your resources. Two factors that would cause your production possibilities curve to shift outward is when there is an improvement in technology that would benefit both types of goods. An increase in the workforce which would result in mor factor resources being exploited. An improvment in productivity and effeciency in goods production.

2. What is the best way to determine whether or not we are making a rational economic decision?

-If your marginal benefit equal or exceed the marginal cost. Ex. If you buy a shirt it should have good quality, and it should be worth the amount of money you spent on it.

3. Why do companies choose to specialize and trade? What would happen if companies did not choose to specialize?

-Companies choose to specialize and trade because there is more money in trade. It also helps them save. (more bang for your buck)

-If companies choose not to specialize then the company will not do as good as their competitors. It is also a possibility that they may go bankrupt.

4. Include to relevant visuals (based on standards)

5. How do you feel about your knowledge of this standard? What are two questions that you have about this standard?

-I feel as if the standard becomes easy after you begin to study it enough. Everyday I learn something new.

- When there is excessive unemployment, What is the effect on production possibilities curve? Why does a production possibilities curve have a bowed out shape?

Limited Resources and Unlimited Wants- BreAnna Kennedy

1. How does scarcity influence the choices you make about how you spend your money? Give a specific example of a trade off that you had to make. What was the opportunity cost of your decision? How did you make your decision? Afterwards, how did you feel about youer choice?

-Your not going to spend more money that what you have coming in.
- Once when i was broke i pawned my mp3 player for money.
- I gained the money and had extra money in my pocket.
- First i was hesistant but i needed the money.
- I felt relieved because I had money in my pocket.
- The opportunity cost was losing the pleasure of listening to my mp3 player.

2. There are four factors of production- land, labor, capital, and entrepreneurship. How do business owners influence each of these factors of production? What is a risk and a reward that business owners might incur with each of the four factors of productions?

- Every decision there is to make dealing with the four factors of production the owner will have to make.
- The risk for land could be the owner not knowing anything about the area. The area could have all kinds of issues. The reward could be good because the business may be full with customers just by the area being good or in a busy community and if the business have customers then the owner makes money.
-The risk for labor could be the owner not hiring enough workers then the business will not run functional, just by the owner being cheap trying to save money. The business won't benefit you and may not be successful. The reward could be hiring enough workers to get the job done and having a well ran business so your happy and so are the customers.
-The risk for capital could be you not having enough supplies for your business. The reward may be you having more than enough supplies. That will be good for your business looks and needs.
-The risk for entrepreneurship could be frustration, stress, depression, exhaustion, etc. Entrepreneurs face alot trying to run a good business, wanting everything to go smoove and well is not easy. The reward for entrepreneurship is you controlling what goes on in your business. Ex. Your work hours, employees, decisions, etc.

3. Do you see yourself more as an individual that will supply labor or as an entrepreneur who make decisions about the use of labor? explain how you reached this conclusion.

- I see myself as an entrepreneur because someday i would love to be a psychiatrist, not only that but I would like to own the business. I've reached my conclusion because i am independent, determined, and want to be a boss of my own one day in life.

4. Include two relevant visuals (based on standards) with captions that explain their significance to the standard(s)

5. How do you feel about your knowledge of this standard? What are two questions that you have about this standard?

-I feel sort of smart because I've come a long way with these standards. First I was kind of lost but now I understand It well.

- How exspensive is it to own my own business? How do I become a successful entrepreneur?