Questions to Answer What are the three economic questions every society answers? What are the characteristics of a traditional economy? What are the characteristics of a command economy? What are the characteristics of a market economy? What are the characteristics of a mixed economy? Directions: Identify which question (what to produce, how to produce, and for whom to produce) is being addressed with each of the following statements. When an economy produces more houses and fewer typewriters. When China builds a dam using few machines and a great deal of labor. The fact that people with higher incomes get to consume more goods and services Should Taco Bell produce more tacos or more burritos PPC Practice Quantity of Hybrids Produced per Day 800d A 600 C 400 300 200 0 100 200 400 500 600 800 Quantity of SUVs Produced per Day What is the unattainable point? What is the inefficient point? What is the opportunity cost of moving from point B to point C? What is the opportunity cost of moving from point C to point D? What is the opportunity cost of moving from point E to point D? What is the opportunity cost moving from point D to point E? Quantity of Cakes Made 5 Choice D Choice E - N 6 8 10 Quantity of Pies Made