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Practise MYP Individuals & Societies questions on 3.3 Economic Drivers and review the explanations to check your understanding.
Use these questions for topic practice and to find ideas you want to revisit in your notes or lessons.
A manufacturer's decision to replace manual assembly lines with fully automated robotic systems is an attempt to answer which core economic question?
How does the prospect of 'profit' serve as an economic driver for firms in a market economy?
Which economic driver is most characteristic of a command economy compared to a market economy?
Why might a government intervene in markets for development goals like education or healthcare?
Producers often require higher prices to increase their output because expanding production can lead to __________.
How to produce?
Where to produce?
What to produce?
For whom to produce?
It acts as a reward for firms that meet consumer demand efficiently
It ensures that there is always a surplus in the market
It is a tax paid to the government to fund infrastructure
It encourages firms to ignore consumer preferences to save money
Government priorities and planning targets
Consumer preferences expressed through demand
Firm incentives for profit
Competitive price adjustments
To prevent consumers from making any choices
To ensure quantity supplied always equals zero
To correct market failures and achieve socially optimal levels
To eliminate all private competition
lower taxes
increased market failure
higher production costs
decreased consumer demand