Economic Decisions & Systems

If many consumers demand a particular good or service, its price will usually...

The rivalry among businesses to sell their goods and services.

The value of the next-best alternative that you were not able to choose.

Things that add comfort & pleasure to your life

Raw materials supplied by nature

The method a country uses to answer the three economic questions.

Individuals & organizations that determine what products & services will be available for sale.

Economy where resources are owned & controlled by the government.

Economy where goods & services are produced the way it has always been done.

Needs are things that

Products and money used in the production of goods and services.

When you give up something to have something else, you are making a

Illustrates the relationship between the price of a product & the quantity can be supplied.

An economy that combines elements of the command and market economies.

The people who produce goods and services.

Illustrates the relationship between the price of a product or service & the quantity demanded

The process of choosing which needs and wants will be satisfied

Economy where the resources are owned & controlled by the people of the country.

Which of the following is NOT one of the three economic questions?

Which of the following is NOT an example of a natural resource?

The quantity of a good or service that businesses are willing & able to provide.

The basic economic problem is that consumers have too many products & services to choose from.

Countries have differing types & amounts of resources.

The point where supply and demand are equal.

The things available to be used to produce goods and services.

The private ownership of economic resources by individuals rather than by the government.

Which of the following is NOT a step in the decision-making process?

Sometimes a natural disaster can affect the supply of a product.

The money left from sales after all costs of operating a business have been paid.

The right of _______ means you can own, use, or dispose of things of value.

Both individuals and organizations can be producers.

______ means that you can make economic decisions independently & must accept consequences.

Not having enough resources to satisfy every need.

As competition increases, prices will

Which of the following is NOT a type of economic resources?

Things that you can see and touch

Activities provided for the satisfaction of others & consumed at the same time they're produced

A person who buys and uses goods and services.

Which of the following is NOT one of the four principles of the US economic system?

The United States has a market economy.

The quantity of a good or service that consumers are willing & able to buy.

Which of the following is NOT a type of economic system?