EconoQuest: Allocate the Resources

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Navigate through various economic systems to build and manage your own thriving empire.

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economics

economic systems

resource allocation

Recommended age: 14 years old

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Created by

Zahra Zafar

United Arab Emirates

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Zahra Zafar

October 23, 2024

02:44

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EconoQuest: Allocate the ResourcesOnline version Navigate through various economic systems to build and manage your own thriving empire. by Zahra Zafar 1 Key allocation decisions are [3] 2 Types of Economic Systems [3] 3 Government have all or some decision making in [2] 4 Some economic questions under "What to produce" are: [4] 5 Market Economy is also known as [3] 6 Planned economy is [4] 7 Mixed economic systems have [4] 8 As a private firm, my key allocation decisions would consider [5] What to produce How to produce Who to produce for Market Economy Mixed Economy Planned Economy Mixed Economy Planned Economy Should a company focus on producing electric cars or traditional gasoline-powered vehicles? Should a government allocate resources to build more schools or hospitals in underserved areas? Should a farm grow organic vegetables or invest in cash crops like coffee for export? Should a tech company prioritize developing smartphones or artificial intelligence technology? Free Market Capitalist Economy one with zero government involvement also called command economy where decisions are made by governments where individuals have little control extreme opposite to market economy some government involvement public sector firms private sector firms government control and planning on some resources the cheapest method of production the highest profitability in what to produce the product that has the highest demand who is willing to pay who has the ability to buy supply curve Democractic Opportunistic best decisions Should a clothing brand target high-income consumers with luxury fashion or produce affordable clothing for the mass market?

EconoQuest: Allocate the ResourcesOnline version

Navigate through various economic systems to build and manage your own thriving empire.

by Zahra Zafar

Key allocation decisions are [3]

Types of Economic Systems [3]

Government have all or some decision making in [2]

Some economic questions under "What to produce" are: [4]

Market Economy is also known as [3]

Planned economy is [4]

Mixed economic systems have [4]

As a private firm, my key allocation decisions would consider [5]

What to produce

How to produce

Who to produce for

Market Economy

Mixed Economy

Planned Economy

Mixed Economy

Planned Economy

Should a company focus on producing electric cars or traditional gasoline-powered vehicles?

Should a government allocate resources to build more schools or hospitals in underserved areas?

Should a farm grow organic vegetables or invest in cash crops like coffee for export?

Should a tech company prioritize developing smartphones or artificial intelligence technology?

Free Market

Capitalist Economy

one with zero government involvement

also called command economy

where decisions are made by governments

where individuals have little control

extreme opposite to market economy

some government involvement

public sector firms

private sector firms

government control and planning on some resources

the cheapest method of production

the highest profitability in what to produce

the product that has the highest demand

who is willing to pay

who has the ability to buy

supply curve

Democractic

Opportunistic

best decisions

Should a clothing brand target high-income consumers with luxury fashion or produce affordable clothing for the mass market?

EconoQuest: Allocate the Resources

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EconoQuest: Allocate the Resources

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EconoQuest: Allocate the ResourcesOnline version

by Zahra Zafar

Key allocation decisions are [3]

Types of Economic Systems [3]

Government have all or some decision making in [2]

Some economic questions under "What to produce" are: [4]

Market Economy is also known as [3]

Planned economy is [4]

Mixed economic systems have [4]

As a private firm, my key allocation decisions would consider [5]