1. How is Economics like a game? Who are the players in the game of Economics?

2.Describe the four fundamental questions faced by all economic systems. (Fill in the blanks)

-What is to be ______________.

-How is production to be ________________.

-How are the goods and services to be _____________ .

-What is the most effective allocation of ____________.

3.Define these different economic goals.

Efficiency -

Equity -

Freedom -

Growth -

Security -

3.Define:

Production -

Allocation -

Resource -

Scarcity -

4.Define:

Mixed Economy -

5.Free Market Economy (In your definition, include why competition is important to this type of economy.) -

6.Command Economy (In your definition, list the advantages of living in a command economy). -